THE  CORRESPONDENCE  OF 

NICHOLAS  BIDDLE 

DEALING  WITH  NATIONAL  AFFAIRS 


THE  CORRESPONDENCE  OF 

NICHOLAS  BIDDLE 

dealing  with 

NATIONAL  AFFAIRS  •  1807-1844 

Edited  by  REGINALD  C.  McGRANE,  PH.D. 

ASSISTANT  PROFESSOR  OF  HISTORY  IN  THE  UNIFERSITT  OF  CINCINNATI 


BOSTON    &  NEW    YORK 

HOUGHTON   MIFFLIN   COMPANY 

MCMXIX 


COPYRIGHT,    1919,   BY   REGINALD  C.    MCGRANE 
ALL  RIGHTS   RESERVED 


TO  THE  MEMORY  OF 
MY  FATHER  AND  MY  GRANDMOTHER 


436390 


I  AM  NOT  a  Whig.  I  am  not  a  Locofoco. 
I  once  belonged  to  a  -party  now  obsolete 
called  the  Democratic  Party,  a  very  good 
•party  until  it  was  spoiled  by  Genl.  Jack 
son.  I  am  now  only  an  American  Citizen 
deeply  concerned  in  the  welfare  &  very 
anxious  about  the  character  of  the  country. 

NICHOLAS    BIDDLE 


Preface 


No  APOLOGY  is  necessary  in  presenting  to  the  public  the  follow 
ing  correspondence  of  Nicholas  Biddle,  President  of  the  Second 
Bank  of  the  United  States.  From  1804  to  1839  he  was  almost 
constantly  engaged  in  some  official  capacity  with  national  or 
state  administrations;  and  throughout  his  whole  life,  until  his 
death  in  1844,  he  was  intimately  in  touch  with  the  leading 
statesmen  of  the  day.  These  years  embrace  a  most  eventful 
epoch  in  the  history  of  our  nation.  The  purchase  of  Louisiana, 
the  War  of  1812,  the  financial  and  commercial  readjustment 
following  the  conflict,  the  establishment  of  the  Second  Bank  of 
the  United  States,  the  organization  and  development  of  its 
power,  the  long  struggle  with  President  Jackson,  the  re-charter 
of  the  institution  by  the  State  of  Pennsylvania,  the  panic  of 
1837,  the  Sub-Treasury  and  President  Van  Buren,  the  appeal 
of  Texas  for  annexation,  the  whirlwind  election  of  1840,  the 
rupture  between  Tyler  and  the  Whigs,  the  Webster-Ashburton 
Treaty,  and  the  preparation  for  the  heated  campaign  of  1844 
—  all  fall  within  the  scope  of  Nicholas  Biddle's  life;  and  with 
all  these  movements  the  great  financier  was  more  than  an  inter 
ested  spectator.  Not  only  was  he  in  close  communication  with 
those  in  power,  but  in  many  instances  he  was  the  center  of 
operations;  and  on  all  occasions  he  displayed  the  sterling,  stal 
wart  qualities  which  have  marked  the  Biddies  of  Pennsylvania 
one  of  the  most  distinguished  families  in  our  land. 

Since  their  entrance  into  America,  now  more  than  two  centu 
ries  ago,  the  Biddies  have  been  active  in  the  service  of  the  coun 
try.  Their  advent  was  contemporaneous  with  that  of  William 
Penn,  for  the  original  ancestor,  William  Biddle,  accompanied 
Penn  to  the  new  province.  They  bore  their  part  in  the  priva 
tions  and  aspirations  of  the  early  settlers;  and  in  the  Revolution 
they  gave  their  best  in  blood  and  brains  to  further  the  cause  of 
democracy.  Charles  Biddle,  the  father  of  Nicholas,  was,  at  the 


Preface 


birth  of  the  latter,  Vice-President  of  the  Supreme  Executive 
Council  of  Pennsylvania;  Edward  Biddle,  an  uncle,  was  a  rep 
resentative  from  Pennsylvania  in  the  Continental  Congress  of 
1774,  and  later  Speaker  of  the  House  of  Representatives  of  Penn 
sylvania;  Nicholas  Biddle,  another  uncle,  distinguished  himself 
during  the  war  while  commanding  the  frigate  Randolph  by  at 
tacking  a  British  gunship  of  double  the  number  of  guns  and 
losing  his  life  in  the  cause  for  which  he  fought.  With  such  ances 
tors  as  these,  Nicholas  Biddle  could  not  help  being  imbued  with 
patriotism,  loyalty,  and  devotion  to  his  native  land.  His  life, 
as  illustrated  in  his  correspondence,  records  his  adherence  to 
these  lofty  principles.  In  the  following  pages  Nicholas  Biddle, 
in  his  own  words,  relates  his  participation  in  the  events  of  his 
period;  and  the  editor  has  trespassed  on  the  account  only  with 
such  notes  as  might  help  the  halting  memory  of  the  reader  in 
uniting  the  broken  links  of  the  narrative.  But  in  view  of  the 
grave  deficiency  of  an  adequate  life  of  this  distinguished  man  — 
which  the  editor  hopes  to  remedy  in  the  near  future  —  a  short 
sketch  of  his  life  and  a  brief  analysis  of  the  salient  contributions 
to  our  historical  knowledge  disclosed  in  the  ensuing  letters, 
seems  not  inappropriate. 

Nicholas  Biddle  was  born  in  Philadelphia,  January  8,  1786. 
He  began  his  education  at  the  academy,  whence  he  went  to  the 
University  of  Pennsylvania.  He  was  about  to  take  his  degree 
from  the  latter  institution  in  1799,  when,  owing  to  his  extreme 
youth  —  being  then  but  thirteen  years  of  age  —  he  determined 
to  enter  Princeton.  In  1801,  after  a  two-and-a-half-year  course, 
he  was  graduated  at  the  head  of  his  class,  dividing  the  distinc 
tion  with  Mr.  Edward  Watts  of  Virginia.  He  then  commenced 
the  study  of  law,  and  soon  attracted  the  attention  of  some  of 
the  leading  men  in  the  land  by  his  diligence  and  skill.  He  was 
called  from  the  pursuit  of  his  profession  by  General  Armstrong, 
a  friend  of  the  family,  when  the  latter  was  appointed  Minister 
of  the  United  States  to  France  in  1804.  In  that  year,  as  private 
secretary  to  the  Minister,  Nicholas  Biddle  embarked  upon  his 
public  career. 


Preface 


XI 


From  1804  to  1807,  Mr.  Biddle  was  in  Europe.  As  secretary 
to  General  Armstrong,  he  was  involved  in  the  financial  trans 
actions  necessitated  by  the  sale  of  Louisiana;  and  in  this  capac 
ity  he  began  to  exhibit  those  phenomenal  abilities  which  later 
marked  him  as  one  of  the  greatest  financiers  of  his  age.  At  the 
conclusion  of  his  service  with  General  Armstrong,  he  traveled 
extensively  in  Europe,  visiting  with  particular  interest  Greece 
and  England.  In  England  he  met  our  Minister,  James  Monroe, 
and  there  began  the  friendship  between  these  two  which  con 
tinued  throughout  their  lives.  He  returned  home  in  1807  and 
began  the  practice  of  law  in  Philadelphia.  However,  his  innate 
love  for  literature  could  not  be  quelled,  and  he  occupied  his 
spare  moments  in  editing  the  "Journal  of  Lewis  and  Clark," 
writing  a  great  deal  for  periodicals  on  various  subjects,  and 
finally  associating  himself  with  Dennie  in  the  editing  of  the 
Portfolio,  one  of  the  landmarks  in  American  literature.  Between 
1810  and  1818,  he  served  two  terms  in  the  state  legislature, 
where  he  distinguished  himself  in  his  advocacy  of  adequate 
education  for  Pennsylvania,  in  behalf  of  the  re-charter  of  the 
United  States  Bank,  and  in  military  legislation  during  the  War 
of  1812.  He  was  chosen  a  Government  director  of  the  Bank  of 
the  United  States  in  1819;  in  1822  he  was  elected  President  of 
the  institution.  He  continued  in  this  office  until  1836,  when  he 
was  elected  President  of  the  new  corporation  organized  under 
the  laws  of  Pennsylvania.  But  until  the  close  of  his  life,  in  1844, 
he  took  an  active  interest  in  current  events. 

This  brief  sketch  of  Nicholas  Biddle's  life,  however,  fails  to 
disclose  the  man  or  his  achievements.  Only  a  close  reading  of 
his  entire  correspondence  can  do  this.  When  one  peruses  the 
numerous  letters  from  such  men  as  James  Monroe,  Henry  Clay, 
Daniel  Webster,  John  C.  Calhoun,  Dr.  Thomas  Cooper,  Horace 
Binney,  John  Tyler,  George  McDufne,  Edward  Everett,  John 
McLean,  Edward  Livingston,  asking  and  seeking  advice  on 
public  questions,  the  manifold  activities  of  the  great  financier 
begin  to  appear.  Agricultural  societies,  literary  clubs,  educators, 
colleges,  philanthropists,  financiers,  and  public  men  besought 


XII 


Preface 


his  assistance  and  counsel.  To  all  he  showed  the  same  courtesy 
and  interest  while  carrying  on  his  business  transactions  and  his 
titanic  struggle  with  President  Jackson.  From  this  great  mass 
of  correspondence  the  editor  has  selected  only  those  letters  per 
taining  to  national  affairs,  and  these  naturally  fall  into  the 
following  groups:  those  relating  to  the  long  bank  controversy; 
the  re-charter  of  the  bank  by  the  State  of  Pennsylvania;  the 
possibility  of  Biddle  as  a  Presidential  candidate  in  1840;  the 
panic  of  1837  and  the  Sub-Treasury  problem;  additional  in 
formation  on  the  McCullough  versus  Maryland  case;  the  elec 
tion  of  1840;  the  framing  of  Harrison's  cabinet;  the  split  be 
tween  Tyler  and  the  Whigs;  the  position  of  Webster  in  the 
Tyler  cabinet  and  the  reasons  for  his  stand;  and  the  prepara 
tions  for  the  Presidential  conflict  of  1844.  In  all  these  affairs 
Nicholas  Biddle  was  either  the  center  of  interest  or  a  close 
observer,  and  his  letters  throw  much  light  upon  many  disputed 
points  in  connection  with  these  topics.  In  giving  these  for  the 
first  time  to  the  general  public,  the  editor  has  rigidly  adhered 
to  their  original  form,  without  changing  either  content  or  spell 
ing.  With  reference  to  punctuation  the  editor  has  not  of  course 
tried  to  "modernize"  it  in  any  way,  nor  to  interfere  with  it  at 
all,  except  to  substitute  periods  at  ends  of  sentences,  where  the 
writer  has  simply  placed  a  stroke.  In  other  places  the  editor 
has  stricken  out  some  superfluous  commas  when  they  seemed 
to  interfere  with  the  reading  of  the  sentence.  But,  generally 
speaking,  he  has  done  as  little  as  seemed  possible. 

In  the  preparation  of  this  volume  the  editor  desires  briefly 
to  mention  the  great  assistance  he  has  received  from  a  number 
of  persons.  First  and  foremost,  he  wishes  to  express  his  extreme 
gratitude  for  the  courtesy  and  friendly  cooperation  at  all  stages 
of  the  work  of  the  grandsons  of  Nicholas  Biddle  —  Messrs. 
Edward  and  Charles  Biddle.  In  1913,  the  members  of  the  family 
deposited  a  large  portion  of  their  grandfather's  correspondence 
in  the  Library  of  Congress.  Permission  was  freely  granted  the 
editor  to  cull  from  this  mine  of  information;  and  later,  at  the 
home  of  Mr.  Edward  Biddle  at  Philadelphia,  and  at  the  old 


Preface  xiii 


homestead  at  Andalusia,  Mr.  Charles  Biddle  rendered  invalu 
able  aid  in  placing  at  his  disposal  the  intimate  family  collection. 
To  both  of  these  gentlemen  he  takes  this  opportunity  of  ac 
knowledging  their  scholarly  and  hearty  interest  in  the  project. 
The  debt  which  all  historical  students  owe  to  Mr.  Gaillard 
Hunt,  chief  of  the  Division  of  Manuscripts  of  the  Library  of 
Congress,  and  especially  to  his  able  and  ever-courteous  assist 
ant,  Mr.  John  C.  Fitzpatrick,  for  their  efficient  services,  have 
been  but  increased  in  the  present  instance.  To  his  former  teacher 
and  continual  counsellor,  Professor  William  E.  Dodd,  of  the 
University  of  Chicago,  the  editor  is  deeply  indebted  for  reading 
the  manuscript  and  offering  many  valuable  suggestions.  His 
former  instructors  and  present  associates,  Professors  Merrick 
Whitcomb  and  I.  J.  Cox,  by  their  advice  and  daily  encourage 
ment  have  added  to  the  heavy  obligations  which  he  already 
owes  them.  The  editor's  wife  at  all  stages  in  the  preparation  of 
this  volume  has  rendered  indispensable  assistance. 

REGINALD  C.  McGRANE 

University  of  Cincinnati 


JULY  6,  1807  To  JAMES  MONROE 3 

Advice  on  a  career 
JUNE  21,  1809          To  JAMES  MONROE 4 

Relations  of  England  and  America 
JULY  ii,  1809  FROM  ROBERT  WALSH 6 

Characterization  of  the  House  of  Representatives 
AUG.  i,  1809  FROM  ROBERT  WALSH 6 

On  Erskine's  difficulties 
MAY  5,  1815  FROM  JAMES  MONROE 7 

European  conditions;  a  new  coalition;  Ferdinand  VII 

in  Spain;  new  policy  for  America 
DEC.  24,  1815  FROM  CLEMENT  C.  BIDDLE 9 

Suggestions  for  army  bill 
JAN.  31,  1819  To  JAMES  MONROE 12 

Appointment  of  Biddle  as  Director  of  United  States 

Bank 
JAN.  8,  1820  FROM  JOHN  McKiM,  JR 13 

Politics  in  the  Bank 
APRIL  11,  1820         FROM  JAMES  MONROE 13 

Politics  in  the  choosing  of  a  director  in  the  Lexington 

Branch 
OCT.  8,  1820  To  JAMES  MONROE  (enclosing  pamphlet)    ....     14 

Politics  in  Pennsylvania;  pamphlet  addressed  to  con 
stituents 
OCT.  29,  1822  To  - 26 

Biddle's  ideas  on  qualifications  for  a  President  of  the 

Bank 
DEC.  2,  1822  FROM  JOHN  C.  CALHOUN 28 

Calhoun  offers  his  services  to  the  Bank 
DEC.  6,  1822  To  JOHN  C.  CALHOUN 29 

Reply  to  letter 
FEB.  3,  1823  To  CAMPBELL  P.  WHITE 3° 

Organization  of  exchanges 
FEB.  3,  1823  To  ROBERT  LENOX 3^ 

On  administration  of  Bank 
JAN.  5,  1824  To  DAVID  SEARS 32 

Politics  in  the  selection  of  a  director  in  the  Boston 

Branch 
MARCH  15,  1825       To  COLONEL  GEORGE  GIBBS 34 

Biddle's  business  principles 


XVI 


Contents 


APRIL  22,  1825         To  ISAAC  LAWRENCE 34 

Policy  of  the  Bank  in  the  Panic  of  1825 
MAY  12,  1825  To  ISAAC  LAWRENCE 3$ 

Solicitude  for  the  prosperity  of  the  Bank 
JUNE  24,  1825          To  ROBERT  LENOX 36 

Question  of  the  dividend 
JUNE  28,  1825          FROM  WALTER  BOWNE 37 

Rumor  of  attack  on  Bank 
JAN.  23,  1826  To  JAMES  LLOYD 38 

Bank  and  State  authorities 
FEB.  16,  1826  To  DANIEL  WEBSTER 38 

First  reference  to  Draft  Notes 
MARCH  14,  1826       To  JOHN  McKiM,  JR 39 

Appointment  of  assistant  cashiers 
Nov.  23,  1826  To  GENERAL  JOHN  P.  BOYD 40 

Selection  of  cashier  for  Branch  Bank 
MAY  7,  1827  To  JAMES  CROMMELIEU 41 

Policy  of  promotion  in  Bank 
JUNE  29,  1827          To  DANIEL  WEBSTER 41 

Financial  basis  for  selection  of  directors 
Nov.  27,  1827  To  CAMPBELL  P.  WHITE 42 

Politics  and  the  Bank 
DEC.  13,  1827  FROM  JOHN  SERGEANT        .      .   , 43 

Barbour's  attack  on  the  Bank   ) 
DEC.  13,  1827  FROM  EDWARD  EVERETT 44 

Barbour's  attack  on  the  Bank 
DEC.  1 6,  1827  To  CHURCHILL  C.  CAMBRELENG 44 

Effect  of  Barbour's  attack  on  the  Bank 
DEC.  18,  1827          JOHN  W.  BARNEY  TO  COLT 45 

Barbour's  attack  on  the  Bank 
DEC.  20,  1827  FROM  ROSWELL  L.  COLT     .      . 46 

Barbour's  attack  on  the  Bank 
DEC.  20,  1827  FROM  CHURCHILL  C.  CAMBRELENG 46 

Barbour's  attack  on  the  Bank 
DEC.  21,  1827  FROM  JOSEPH  GALES,  JR 46 

Barbour's  attack  on  the  Bank 
DEC.  26,  1827  To  GEORGE  MCDUFFIE 47 

Biddle  congratulates  McDuffie  on  handling  resolution 
JAN.  7,  1828  To  JOHN  POTTER 48 

Effect  of  Barbour's  resolution  on  dividend  and  Bank 
MAY  28,  1828  FROM  HENRY  CLAY 48 

Clay's  alleged  indebtedness  to  Bank 
MAY  30,  1828  To  HENRY  CLAY 5° 

Reply  to  Clay's  letter 
JUNE  17,  1828          FROM  A  STOCKHOLDER 51 

On  the  subject  of  Bank  dividend 


Contents  xvii 


AUG.  14,  1828  To  DANIEL  WEBSTER 52 

Suggestion  of  Mason's  appointment  as  President  of   , 

Portsmouth  Branch 
SEPT.  22,  1828          FROM  R.  SMITH •      •    53 

Position  of  Dickins  in  Treasury;  need  for  retention 
Nov.  19,  1828  FROM  RICHARD  RUSH 55 

On  the  subject  of  the  annual  report 
Nov.  24,  1828  FROM  JOSEPH  GALES,  JR 55 

Comments  on  Biddle's  political  views 
Nov.  25,  1828  To  RICHARD  RUSH 56 

Suggestions  for  annual  report;  value  of  the  Bank  to 

the  nation                       ,   ^ ..,,            .    )        ^  ^ 
DEC.  2,  1828  To  DANIEL  WEBSTER 58 

Refuses  loan  to  National  Intelligencer 
DEC.  10,  1828  FROM  RICHARD  RUSH         59 

Analysis  of  his  Report 
DEC.  20,  1828  FROM  GEORGE  HOFFMAN 61 

Effect  of  Rush's  Report;  time  for  recharter 
DEC.  22,  1828          To  GEORGE  HOFFMAN 62 

On  Rush's  Report 

DEC.  29,  1828  To  SAMUEL  SMITH 62 

**^              Bank  adverse  to  entering  political  contests 
JAN.  5,  1829  FROM  JOHN  MCLEAN         63 

Accusations  against  Kentucky  Branches  for  supposed 

political  interference                                         ,    . 
JAN.  5,  1829  To  SAMUEL  SMITH 65 

Protection  against  investigation  of  personal  affairs  in 

the  Bank 
JAN.  7,  1829  FROM  ROSWELL  L.  COLT 66 

Rumors  of  the  attitude  of  the  Administration 
JAN.  9,  1829  To  JOHN  HARPER 67 

Adverse  to  politics  in  Bank 
JAN.  10,  1829  To  JOHN  MCLEAN 68 

Politics  in  Kentucky  Branches 
JAN.  ii,  1829  To  JOHN  MCLEAN 69 

Politics  in  Branch;  Kentucky  Branches 
JUNE  23,  1829          To  JOSIAH  NICHOL 72^ 

Bank  and  politics;  Washington  interference 
JULY  6,  1829       Y    To  ROBERT  LENOX 72 

Portsmouth  affair 
JULY  7,  1829  jFROM  ROBERT  LENOX 73 

Portsmouth  affair 
AUG.  14,  1829  FROM  WALTER  DUN 73 

Politics  in  Kentucky  Branches 
AUG.  28,  1829         \/To  GENERAL  THOMAS  CADWALADER 75 

Portsmouth  Branch 


xviii  Contents 


SEPT.  16,  1829          To  ASBURY  DICKINS 75 

Newspaper  attacks  on   Bank;   no  politics  in   Bank     ""* 

Portsmouth  affair 
SEPT.  30,  1829          To  ASBURY  DICKINS 77 

On  Ingham  correspondence 
OCT.  1 6,  1829  FROM  WILLIAM  B.  LEWIS 79 -\ 

Views  of  Jackson  on  politics  in  Bank 
OCT.  21,  1829  To  WILLIAM  B.  LEWIS 80 

Jackson  and  continued  opposition  to  Bank 
OCT.  21,  1829  FROM  MATTHEW  L.  BEVAN 81 

Alleged  satisfaction  of  Jackson  toward  Bank 
OCT.  26,  1829  FROM  SAMUEL  JAUDON 82 

Jaudon's  conference  with  Jackson 
Nov.  9,  1829  EXTRACT  FROM  WILLIAM  B.  LEWIS  TO  HENRY  TOLAND  .    84 

^Alleged  satisfaction  of  Jackson  toward  Bank 
Nov.  n,  1829          FROM  THE  SAME  TO  THE  SAME 85 

Alleged  satisfaction  of  Jackson  toward  Bank 
Nov.  15,  1829  FliOM  WILLIAM  B.  LEWIS 85 

On  candidacy  of  Toland  for  Speaker  of  the  House 
Nov.  22,  1829          To  GEORGE  HOFFMAN 87 

Need  for  balancing  of  political  parties  in  Branches 
DEC.  10,  1829  FROM  ALEXANDER  HAMILTON 88 

Jackson's  message  of  1829;  advice  against  attempted 

renewal  of  charter 
DEC.  12,  1829  To  ALEXANDER  HAMILTON  ' 91 

No  idea  of  renewal  of  charter 
DEC.  15,  1829          To  GEORGE  HOFFMAN 91 

On  President's  message  of  1829 
DEC.  17,  1829          To  NATHANIEL  SILSBEE 92 

Effect  of  President's  message  on  stockholders 
MEMORANDUM  (in  Biddle's  handwriting)      .       .       .       .     93     t- 

Account  of  Biddle's  interview  with  Jackson 
JAN.  2,  1830  To  SAMUEL  SMITH 94 

On  President's  message  of  1829 
JAN.  9,  1830  To  JOHN  POTTER 95 

Gales's  and  Seaton's  relations  with  the  Bank 
JAN.  18,  1830  To  JOHN  McKiM,  JR 96 

Biddle's  views  of  the  effect  of  the  President's  message 

on  Bank 
MAY  3,  1830  FROM  WILLIAM  B.  LEWIS 97 

Suggests  names  for  directors 
MAY  8,  1830  To  WILLIAM  B.  LEWIS 99^ 

Anxiety  regarding  President's  views 
MAY  21,  1830  FROM  CHARLES  A.  DAVIS 101 

Van    Buren'a    alleged    connection    with    President's 

message 


Contents 


XIX 


MAY  25,  1830  FROM  WILLIAM  B.  LEWIS 103 

President  Jackson's  attitude  toward  Bank 
JUNE  10,  1830  (?)      FROM  ROSWELL  L.  COLT 104 

Van  Buren's  connection  with  President's  message 
JUNE  14,  1830          FROM  HENRY  CLAY 105 

Connection  between  Southern  politics  and  attack  on 

Bank 
JULY  20,  1830          FROM  JOSIAH  NICHOL 106 

Jackson's  visit  to  Nashville 
AUG.  3,  1830  To  JOSIAH  NICHOL 107 

Biddle's  intrigue  with  Nichol 
SEPT.  n,  1830          FROM  HENRY  CLAY no 

Advice  against  attempt  for  re-charter 

OCT.  30,  1830  — —  TO  COLONEL  HUNTER 114 

/Advises  against  re-charter 
OCT.  31,  1830  To  WILLIAM  B.  LEWIS 114 

Business  versus  politics  in  Louisville  Branch 

Nov.  3,  1830  To  HENRY  CLAY 115 

/Adverse  to  an  attempt  to  renewal  of  charter 
DEC.  9,  1830  FROM  JOSEPH  HEMPHILL 116 

Effect  of  President's  message  on  renewal 
DEC.  9,  1830  FROM  JOSEPH  HEMPHILL 117 

Advises  secrecy  of  plan  for  renewal 
DEC.  13,  1830  FROM  ROBERT  SMITH 117 

Alleged  views  of  Jackson  on  charter;  need  for  modifica 
tion 
DEC.  14,  1830          To  JOSEPH  HEMPHILL 118 

Determined  on  renewal 
DEC.  1 6,  1830  FROM  JOHN  NOR v ALL         120 

Political  aspect  of  Congress  on  renewal 
DEC.  19,  1830          FROM  JOHN  NORVALL 121 

Political  aspect  of  Congress  on  renewal 
DEC.  20,  1830          To  MR.  ROBINSON 122 

Supposed  public  opinion  on  recharter;  need  for  knowl 
edge  on  subject 
JAN.  29,  1831  FROM  ROSWELL  L.  COLT 122 

Political  relations  of  Van  Buren  and  Calhoun 
FEB.  8,  1831  To  WILLIAM  B.  LAWRENCE 123 

Employment  of  newspapers  in  Bank  struggle 
FEB.  10,  1831  To  JOSEPH  HEMPHILL 124 

Consideration  of  Duff  Green's  application  for  a  loan      ^  f 
FEB.  28,  1831  To  ENOCH  PARSONS «*&»- 

True  policy  of  Bank  in  struggle 
MARCH  2,  1831         To  JOSEPH  GALES 125 

Employment  of  newspapers  in  Bank  struggles 
MAY  4,  1831  To  JAMES  HUNTER 126 

Justification  for  use  of  press  "• 


xx  Contents 


JUNE  29,  1831  To  J.  HARPER 127 

Blair's  connection  with  Bank 
OCT.  19,  1831  MEMORANDUM  BY  BIDDLE 128 

Biddle's  relation  with  McLane 
Nov.  ii,  1831  FROM  JOHN  TILFORD 135 

Position  of  Clay  on  renewal 
Nov.  21,  1831  To  NATHANIEL  SILSBEE 135 

Preparations  for  re-charter;  selecting  directors 
DEC.  6,  1831  FROM  EDWARD  SHIPPEN 136 

Jackson's  view  of  re-charter;  suggested  modifications 
DEC.  7,  1831  FROM  SAMUEL  SMITH 138 

Position  of  McLane  and  Smith  on  renewal 
DEC.  ii,  1831  FROM  ROBERT  GIBBES 139 

Friends  of  Jackson  on  Bank 
DEC.  12,  1831  FROM  C.  F.  MERCER 140 

Advises  re-charter 
DEC.  15,  1831  FROM  HENRY  CLAY 142 

Advises  re-charter 
DEC.  17,  1831  FROM  SAMUEL  SMITH 143 

Clay  urges  renewal  of  the  charter 
DEC.  18,  1831  FROM  DANIEL  WEBSTER 145 

Webster  urges  Biddle  to  come  to  Washington 
DEC.  20,  1831  To  ASBURY  DICKINS 146 

On  McLane's  report 
DEC.  20,  1831  FROM  THOMAS  CADWALADER 146 

Arrival  of  Cadwalader;  first  views 
DEC.  21,  1831  FROM  THOMAS  CADWALADER 147 

McLane's  impressions  as  to  vote;  Cadwalader 's  im 
pressions 
DEC.  22,  1831  FROM  THOMAS  CADWALADER 151 

McDufne's  views  on  re-charter;   Cadwalader 's  im-      *"~ 

pressions 
DEC.  23,  1831  FROM  THOMAS  CADWALADER 152 

Further  impressions  of  Cadwalader 

DEC.  23,  1831  To  THOMAS  CADWALADER 154 

'    Influence  of  McDufne's  opinion  on  Biddle 
DEC.  24,  1831  To  THOMAS  CADWALADER 154 

Influence  of  McDufne's  opinion  on  Biddle 
DEC.  25,  1831  FROM  THOMAS  CADWALADER 155 

Further  impressions  of  Cadwalader 
DEC.  26,  1831  FROM  THOMAS  CADWALADER 158 

Further  impressions  of  Cadwalader 
DEC.  26,  1831  FROM  THOMAS  CADWALADER 160 

Further  impressions  of  Cadwalader;  P.  R.  Livingston's 

views 
JAN.  4,  1832  To  SAMUEL  SMITH 161^ 

Biddle's  reasons  for  re-charter 


Contents 


XXI 


JAN.  5,  1832  FROM  Louis  McLANE 165 

Opinions  on  renewal  of  the  charter 
JAN.  8,  1832  (?)        FROM  DANIEL  WEBSTER 169 

Views  on  memorial 
JAN.  10,  1832  FROM  JOHN  CONNELL 169 

J.  Q.  Adams's  views  on  re-charter 
JAN.  1 6,  1832  To  GARDINER  GREENE 170 

Attitude  of  Philadelphia  on  re-charter 
JAN.  25,  1832  To  HORACE  BINNEY 170 

Amount  of  bonus  to  be  expected 
FEB.  2,  1832  FROM  CHARLES  JARED  INGERSOLL 171 

Jackson's  views  on  Bank  in  general  ^~ 

FEB.  6,  1832  To  HORACE  BINNEY 172 

Dallas  and  Pennsylvania  interests 
FEB.  6,  1832  To  CHARLES  JARED  INGERSOLL 174 

Dallas  and  proposed  coup  d'etat 
FEB.  9,  1832  FROM  CHARLES  JARED  INGERSOLL i7£ 

Livingston's  views  on  Jackson's  idea  of  modification 

of  charter 
FEB.  10,  1832  To  GEORGE  MCDUFFIE 178 

McDuffie  begins  the  struggle  for  renewal 
FEB.  n,  1832  To  CHARLES  JARED  INGERSOLL 179 

Bank  if  forced  determines  on  war;  attitude  toward 

President 
FEB.  13,  1832  To  CHARLES  JARED  INGERSOLL 181 

Suggestions  for  relieving  controversy 
FEB.  21,  1832  FROM  CHARLES  JARED  INGERSOLL 183 

Attitude  of  Cabinet  on  re-charter 
FEB.  23,  1832  FROM  CHARLES  JARED  INGERSOLL 184 

Government's  plan  for  modification  of  charter 
FEB.  25,  1832  To  CHARLES  JARED  INGERSOLL 185 

Agreement  to  President's  modifications 
FEB.  26,  1832  To  CHARLES  JARED  INGERSOLL 186 

Agreement  to  President's  modifications 
MARCH  I,  1832         FROM  CHARLES  JARED  INGERSOLL 187 

On  Root's  resolutions  in  Congress;  attitude  of  Presi 
dent 
MARCH  6,  1832         FROM  CHARLES  JARED  INGERSOLL 188 

Effect  of  McDuffie's  attack  on  Bank 
MAY  11,  1832  To  JOHN  G.  WATMOUGH 190 

Use  of  press  for  Bank 
MAY  30,  1832  To  THOMAS  CADWALADER 191 

Account  of  visit  to  Washington 
JUNE  5,  1832  To  THOMAS  CADWALADER I9_i 

Results  of  Biddle's  visit 
JULY  3,  1832  To  THOMAS  CADWALADER 192 

Re-charter  passed  Senate 


XX11 


Contents 


JULY  5,  1832  DANIEL  WEBSTER  TO  THOMAS  CADWALADER     .      .      .  193 

Benefit  of  Biddle's  visit  to  Washington 
JULY  10,  1832          FROM  W.  CREIGHTON 193 

Jackson's  veto  s-« 

JULY  12,  1832  FROM  WILLIAM  BUCKNOR 194 

Effect  of  veto  on  stock 
JULY  13,  1832  To  WILLIAM  G.  BUCKNOR 194 

Policy  of  Bank  in  coming  election  •"* 

AUG.  i,  1832  To  HENRY  CLAY 196 

Effect  of  veto;  faith  in  Clay 
SEPT.  20,  1832          BANK  OF  THE  UNITED  STATES  TO  JOHN  S.  BIDDLE    .      .  197 

Receipt  of  Bill 
SEPT.  26,  1832          To  JOHN  TILFORD 197 

Circulating  Webster's  speech 
Nov.  21,  1832  To  JOHN  RATHBONE,  JR 198 

No  contraction  of  loans  resulting  from  veto 
DEC.  8,  1832  FROM  ROSWELL  L.  COLT  (?) 199 

Suggests  curtailment  of  loans 
JAN.  18,  1833  FROM  CHARLES  JARED  INGERSOLL 200 

Rumors  of  Jackson's  new  plan  •— 

MARCH  2,  1833         FROM  JOHN  SERGEANT 200 

Alliance  of  South  and  West  against  Jackson 
MARCH  23,  1833       FROM  JOHN  G.  WATMOUGH 202 

Van  Buren  and  removal  of  deposits 
APRIL  8,  1833  To  DANIEL  WEBSTER 202 

Question  of  removal  of  deposits;  Bank  determines  on       •« 

war 
APRIL  10,  1833         FROM  HENRY  CLAY 202 

Clay  and  Webster  on  Compromise  Tariff 
APRIL  10,  1833         To  DANIEL  WEBSTER 205 

McLane's  visit  to  New  York;  removal  of  deposits 
APRIL  13,  1833         FROM  ROBERT  W.  GIBBES 205 

Views  of  Cabinet  on  removal  of  deposits 
APRIL  16,  1833         To  J.  S.  BARBOUR 207 

Bank  view  of  origin  of  Government's  position 
APRIL  27,  1833         FROM  THOMAS  COOPER 208 

Volunteers  services  to  Bank 
MAY  6,  1833  To  THOMAS  COOPER 209 

Analysis  of  causes  of  Government's  position 
JULY  ii,  1833          To  J.  S.  BARBOUR 210 

Analysis  of  Government's  position;  opinion  of  Gouge 
JULY  12,  1833  FROM  THOMAS  COOPER 211 

Appointment  of  W.  J.  Duane 
JULY  30,  1833  To  ROBERT  LENOX 212^ 

Confidence  in  Duane;  policy  toward  State  Banks 
JULY  30,  1833  To  SAMUEL  SWARTWOUT 213 

Attempts  to  justify  Bank  to  Duane 


Contents 


XXlll 


JULY  31,  1833  To  THOMAS  COOPER 213 

Confidence  in  Duane 
AUG.  13,  1833  To  DANIEL  WEBSTER 214 

Instructions  to  Branches  on  temporary  curtailment 
AUG.  1 6,  1833  To  THOMAS  COOPER 215 

Woodbury  on  position  of  Government  toward  Bank 
OCT.  i,  1833  To  ROBERT  LENOX 215 

Policy  of  Bank  after  removal  of  deposits 
OCT.  29,  1833  FROM  DANIEL  WEBSTER 216 

Question  of  policy  of  the  Bank 
Nov.  23,  1833          FROM  SAMUEL  SWARTWOUT 217 

Rejects  appointment  as  director;  financial  stringency 

in  market 
DEC.  21,  1833  FROM  DANIEL  WEBSTER 218 

Question  of  professional  services 
DEC.  21,  1833  FROM  HENRY  CLAY 218 

Suggestions  for  Bank  policy 
JAN.  27,  1834  To  WILLIAM  APPLETON 219 

Bank  determines  on  curtailment 
FEB.  2,  1834  FROM  HENRY  CLAY 220 

Advices  against  struggle  for  re-charter 
FEB.  4,  1834  FROM  HORACE  BINNEY 220 

Webster  suggests  moderation  in  reductions 
FEB.  8,  1834  To  JOHN  G.  WATMOUGH 221^ 

Bank  determined  to  fight 
FEB.  21,  1834  To  JOSEPH  HOPKINSON 221 

Bank  determined  to  fight 
FEB.  27,  1834  FROM  JOHN  SERGEANT •  222 

President    Jackson    informed    of    distress;    Cabinet 

meetings 
MARCH  i,  1834         To  SAMUEL  BRECK .224 

Effect  of  Governor  Wolf's  message 
MARCH  ii,  1834       To  CHARLES  HAMMOND •         225 

Justification  for  policy  of  curtailment 
MARCH  ii,  1834       To  SAMUEL  JAUDON .226 

Need  for  a  charter 
MARCH  18,  1834       FROM  JAMES  WATSON  WEBB    ....  .      .  227 

Bank  must  adopt  firm  position 
APRIL  2,  1834  ToS.H.  SMITH 

Bank  determined  on  curtailment  _ 

APRIL  ii,  1834         ToS.H.  SMITH 229^ 

Bank  determined  on  curtailment 
MAY  i,  1834  FROM  THOMAS  COOPER 23£ 

Politics  in  Congress  regarding  Bank 
MAY  9,  1834  To  JOHN  S.  SMITH 231^ 

True  course  of  Bank  in  struggle 


xxiv  Contents 


JUNE  4,  1834  To  R.  M.  BLATCHFORD 233 

Policy  toward  State  Banks  and  nation  at  large 
JUNE  12,  1834          To  SOLOMON  ETTING 234 

Policy  toward  State  Banks 
JUNE  14,  1834          To  ALEXANDER  PORTER 235 

House  on  Clay's  resolution 
JULY  4,  1834  To  WILLIAM  APPLETON 237 

Financial  statement  of  Bank;  attitude  toward  Whig     — 

interference 
JULY  7,  1834  FROM  R.  FISHER 241 

Attitude  of  commercial  classes  on  Bank  struggle 
JULY  9,  1834  To  JAMES  WATSON  WEBB 243 

Abandonment  of  policy  of  curtailments 
SEPT.  14,  1834          ALEXANDER  HAMILTON  TO  JOHN  WOODWORTH        .      .  244 

Albany  Regency  and  the  farmers 
OCT.  30,  1834  To  SILAS  M.  STILWELL       .      .      .      .      .      .      .      .  244 

Refusal  to  interfere  in  N.Y.  politics 
v^Nov.  13,  1834  FROM  ROSWELL  L.  COLT 245 

Suggestions  for  State  Charter 
JAN.  7,  1835  To  - 246 

Outline  of  proposed  charter  from  State  of  Pennsyl 
vania 
MAY  9,  1835  FROM  DANIEL  WEBSTER  (?) 250 

Van  Buren  and  election  of  1836 
MAY  12,  1835  FROM  DANIEL  WEBSTER  (?) 251 

On  Presidential  election  of  1836 
MAY  13,  1835  To  D.  SPRIGG 252 

Placing  officers  of  the  Bank 
JUNE  3,  1835  FROM  EDWARD  EVERETT 253 

National  election  of  1836 
AUG.  6,  1835  To  JOHN  HUSKE 253 

Placing  officers  of  the  Bank  and  preparing  to  close 

up  business 
AUG.  n,  1835  To  HERMAN  COPE 255 

National  politics  of  1836 
Nov.  1 6,  1835  FROM  JOHN  NORRIS 256 

Desire  of  New  York  for  charter 
DEC.  4,  1835  FROM  JASPER  HARDING 257 

Intriguing  with  committee  at  Harrisburg 
DEC.  6,  1835  FROM  CHARLES  A.  DAVIS         257 

New  York  anxiety  about  re-charter 
DEC.  12,  1835  FROM  WILLIAM  B.  REED 258 

Use  of  canals,  railroads,  and  turnpikes  in  struggle  for 

re-charter 

JAN.  15,  1836  To  WILLIAM  B.  REED 261 

A  Dictating  to  committee  at  Harrisburg 


Contents 


XXV 


JAN.  15,  1836  To  JOSEPH  MC!LVAINE 261 

Similar  instructions  to  charge 
JAN.  18,  1836  FROM  JOHN  B.  WALLACE 262 

*  Information  on  politics  at  Harrisburg 

JAN.  19,  1836  FROM  JOHN  B.  WALLACE 263 

%  Bill  introduced  in  Legislature 

JAN.  31,  1836  To  JOSEPH  MC!LVAINE 263 

^  Instructions  to  Mcllvalne  on  Bank  struggle 

FEB.  5,  1836  FROM  CHARLES  S.  BAKER 264 

Preparing  for  a  struggle  in  the  Senate 

FEB.  6,  1836  FROM  JOHN  McKiM,  JR 265 

Maryland's  proposal  for  charter 

FEB.  10,  1836  FROM  SAMUEL  R.  WOOD 265 

^  Description  of  Krebs  affair 

MARCH  17,  1836       FROM  J.  R.  INGERSOLL 268 

Application  for  Branches 

APRIL  9,  1836  FROM  STEPHEN  F.  AUSTIN 269 

Texas  sinking  loan 

To  EDWARD  R.  BIDDLE 271 

Conditions  in  financial  market 

APRIL  29,  1837         FROM  THOMAS  COOPER 272 

»  Proposal  of  candidacy  for  President  of  the  United 

States 

MAY  6,  1837  FROM  JOEL  R.  POINSETT 273 

Condition  of  money  market;  seeks  advice 

MAY  8,  1837  To  JOEL  R.  POINSETT 274 

•                                          Desire  for  amity  with  government 
MAY  8,  1837  To  JOEL  R.  POINSETT 274 

*  Outlines  relief  for  government 

MAY  8,  1837  To  GENERAL  ROBERT  PATTERSON 276 

Seeks  aid  for  his  plan  with  Government 

MAY  8,  1837  FROM  GENERAL  ROBERT  PATTERSON 277 

Van  Buren's  position  in  financial  crisis 

MAY  8,  1837  To  THOMAS  COOPER 277 

On  subject  of  Presidential  candidacy 

MAY  14,  1837  FROM  THOMAS  COOPER 278 

*  Candidacy  of  Biddle  for  the  Presidency 

MAY  24,  1837  FROM  THOMAS  COOPER 280 

*  Candidacy  of  Biddle  for  Presidency ;  political  aspect  on 
eve  of  special  session 

JULY  i,  1837  FROM  THOMAS  COOPER 281 

*  Candidacy  of  Biddle 

JULY  14,  1837          To  JOHN  RATHBONE,  JR 282 

*  Policy  of  Bank  on  eve  of  special  session;  rumor  of       — 
Sub-Treasury 

AUG.  21,  1837  FROM  B.  W.  LEIGH 283 

Judge  Marshall  and  Bank  shares 


xxvi  Contents 


AUG.  24,  1837          To  B.  W.  LEIGH 285 

Judge  Marshall  and  Bank  shares 
AUG.  25,  1837          To  B.  W.  LEIGH 287 

Judge  Marshall  and  Bank  stock 
AUG.  28,  1837  FROM  B.  W.  LEIGH 287 

Judge  Marshall  and  the  sale  of  Bank  stock 
SEPT.  4,  1837  B.  W.  LEIGH  TO  BIDDLE 288 

Judge  Marshall  and  the  disposal  of  shares  held  by  his  wife 
SEPT.  7,  1837  To  B.  W.  LEIGH 289 

Judge  Marshall  and  Bank  stock 
SEPT.  9,  1837  FROM  SILAS  M.  STILWELL 290 

*  '  Effect  of  President's  message;  the  "Conservatives" 
SEPT.  9,  1837            FROM  CHARLES  AUGUST  DAVIS 290 

Van  Buren  and  the  Loco  Foco  party 
SEPT.  13,  1837          FROM  B.  W.  LEIGH 291 

*  On  republishing  correspondence  in  Philadelphia  and 
New  York  newspapers 

SEPT.  15,  1837          To  B.  W.  LEIGH 291 

*  On  republishing  correspondence  in  Philadelphia  and 
New  York 

SEPT.  15,  1837          To  CHARLES  KING 291 

On  vindication  of  Judge  Marshall 
SEPT.  19,  1837          FROM  E.  R.  BIDDLE 292 

Request  for  money 
,  SEPT.  20,  1837          To  E.  R.  BIDDLE 292 

Reply  to  request  for  money 
SEPT.  27,  1837          FROM  CHARLES  AUGUST  DAVIS 292 

Effects  of  President's  message;  Loco  Foco  principles 
OCT.  20,  1837  FROM  THOMAS  COOPER 293 

*  Attitude  of  South  on    Sub-Treasury;  candidacy  of 
Biddle  for  President 

Nov.  6,  1837  To  E.  R.  BIDDLE 294 

*  On  subject  of  Texas  loan 

Nov.  7,  1837  FROM  E.  R.  BIDDLE 295 

On  subject  of  Texas  loan 
Nov.  n,  1837  FROM  E.  R.  BIDDLE 295 

On  Texas  loan 
Nov.  24,  1837          FROM  E.  R.  BIDDLE    .  296 

*  On  Texas  loan 

DEC.  1 6,  1837  FROM  THOMAS  COOPER 296 

•  On  candidacy  of  Biddle  for  President 

JAN.  20,  1838  FROM  M.  NEWKIRK 297 

Political  outlook  of  Sub-Treasury 

t  JAN.  28,  1838  FROM  D.  A.  SMITH 298 

Prospects  of  the  Sub-Treasury 

FEB.  3,  1838  To  HENRY  CLAY 299 

Getting  instructions  for  Pennsylvania  Senators;  Sub- 
Treasury  Bill 


Contents 


XXVll 


FEB.  5,  1838  FROM  HENRY  CLAY 300 

Question  of  instructions  for  Buchanan 
FEB.  6,  1838  FROM  HENRY  CLAY 300 

Instructions  for  Buchanan 
FEB.  7,  1838  FROM  C.  S.  BAKER 301 

Instructions  for  Buchanan 
FEB.  1838  (?)  FROM  DANIEL  WEBSTER 301 

Efforts  of  Van  Buren  on  Sub-Treasury 
FEB.  8,  1838  FROM  CHARLES  S.  BAKER 302 

Struggle  at  Harrisburg  over  instructions  to  Buchanan 
FEB.  9,  1838  FROM  CHARLES  S.  BAKER 302 

Struggle  at  Harrisburg  over  instructions  to  Buchanan 
FEB.  14,  1838  FROM  CHARLES  S.  BAKER 303 

Struggle  at  Harrisburg  over  instructions  to  Buchanan 
FEB.  16,  1838  FROM  CHARLES  S.  BAKER         304 

Passage  of  resolution  instructing  Buchanan 
FEB.  20,  1838  FROM  HENRY  CLAY 304 

Effect  of  instructions  to  Buchanan 
APRIL  28,  1838         FROM  JOHN  SERGEANT 305 

Policy  of  Calhoun  on  Sub-Treasury 
APRIL  30,  1838         To  JOHN  FORSYTH 30? 

Suggestions  to  the  Government  for  reconciliation 
MAY  30,  1838  FROM  HENRY  CLAY 309 

Repeal  of  Specie  Circular  passes  Senate 
MAY  30,  1838  TO  ROSWELL  L.  COLT 310 

On  subject  of  repeal  of  Speeie  Circular 
MAY  31,  1838          To  SAMUEL  JAUDON 3" 

On  subject  of  repeal  of  Specie  Circular;  Biddle's  de 
light 
JUNE  9,  1838  To  SAMUEL  JAUDON .        3*3 

On  repeal  of  Specie  Circular;  defeat  of  Sub-Treasury 
JUNE  15,  1838          To  JOHN  SERGEANT 3^3 

Defeating  the  Sub-Treasury  Bill 
JUNE  23,  1838          To  SAMUEL  JAUDON 3*4 

On  Specie  Circular  and  the  Sub-Treasury  Bill 
JUNE  29,  1838          To  SAMUEL  JAUDON 3U 

Defeat  of  the  Sub-Treasury  Bill;  repeal  of  the  Specie 

Circular 
JULY  3,  1838  To  THADDEUS  STEVENS 3*5 

Advances  toward  the  Administration 
JULY  ii,  1838  To  JOEL  R.  POINSETT 3*6 

Advances  toward  the  Administration 
JULY  13,  1838  To  THOMAS  COOPER 3X6 

Defeat  of  the  Administration 
,  JULY  31,  1838  To  R.  M.  BLATCHFORD 3^7 

Control  of  press  on  defeat  of  Administration 


XXV111 


Contents 


AUG.  i,  1838 
AUG.  3,  1838 
AUG.  n,  1838 
AUG.  14,  1838 
AUG.  15,  1838 
SEPT.  6,  1838 
SEPT.  7,  1838 
SEPT.  10,  1838 
SEPT.  14,  1838 
OCT.  i,  1838 
OCT.  31,  1838 
Nov.  27,  1838 
Nov.  29,  1838 

DEC.  13,  1840 
DEC.  24,  1840 
DEC.  30,  1840 
JAN.  21,  1841 
FEB.  2,  1841 
FEB.  4,  1841 
APRIL  10,  1841 
AUG.  19,  1842 

AUG.  25,  1842 

\ 
FEB.  27,  1843 


FROM  R.  M.  BLATCHFORD 

Control  of  press  on  defeat  of  Administration 
To  SAMUEL  JAUDON 

Culmination  of  Bank  war 
FROM  B . 


317 


321 

Attitude  of  Van  Burdn  on  politics  of  nation 
FROM  THOMAS  COOPER 323 

Candidacy  of  Biddle  for  Presidency 
To  SAMUEL  JAUDON 324 

Attitude  of  Bank  toward  Government 
To  DANIEL  WEBSTER 325 

On  Texas  affair 
To  HENRY  CLAY 326 

On  Texas  affair 
FROM  DANIEL  WEBSTER 328 

On  Texas  affair 
FROM  HENRY  CLAY 330 

On  Texas  affair 
FROM  THOMAS  COOPER 333 

Suggestion  of  Biddle  for  Cabinet  position 
To  E.  C.  BIDDLE 334 

Relation  of  Government  and  Bank 
To  JOHN  FORSYTH 335 

Suggestion  for  President's  message 
FROM  JOHN  FORSYTH 336 

Reply  to  Biddle's  suggestions  for  President's  message 
PERSONAL  CARD  TO  BIDDLE  FROM  PRESIDENT  VAN  BUREN  337 
To  DANIEL  WEBSTER 337 

Seeks  ambassadorship  to  Austria 
FROM  DANIEL  WEBSTER 339 

On  ambassadorship  to  Austria 
To  DANIEL  WEBSTER 339 

On  subject  of  Secretary  of  the  Treasury  in  Cabinet 
FROM  R.  M.  BLATCHFORD 34° 

On  subject  of  the  Sub-Treasury 
To  DANIEL  WEBSTER 34 l 

On  President's  inaugural 
FROM  DANIEL  WEBSTER 341 

On  President's  inaugural 
FROM  CHARLES  AUGUST  DAVIS 342 

Death  of  President  Harrison 
To  JOHN  TYLER 342 

President  Tyler  and  the  Tariff  Bill 
FROM  JOHN  TYLER 343 

President  Tyler  and  the  Tariff  Bill 
To  DANIEL  WEBSTER 344 

Advice  to  Daniel  Webster 


Contents 


XXIX 


MARCH  2,  1843         FROM  D.(ANIEL)  W.(EBSTER) 345 

Webster's  position  in  the  Cabinet 
MARCH  n,  1843       FROM  D.(ANIEL)  W.(EBSTER) 345 

Webster's  decision  on  Cabinet  position 
MARCH  4,  1843         To  JOHN  TYLER 346 

On  need  of  retaining  Webster  in  Cabinet 
APRIL  5,  1843  MEMORANDUM  OF  BIDDLE  TO  DANIEL  WEBSTER      .      .  348 

Suggestion  of  retreat  for  Webster 
APRIL  24,  1843         TO  C.  B.  PENROSE 351 

Suggestion  to  retain  Webster  in  Cabinet 
JAN.  9,  1844  To  JOSEPH  GALES 352 

On  politics  of  the  day;  Webster  and  Clay 
JAN.  9,  1844  To  DANIEL  WEBSTER 352 

On  politics  of  the  day 

APPENDIX 355 

INDEX 361 


Illustrations 


NICHOLAS    BlDDLE Frontispiece 

From  the  portrait  by  Rembrandt  Peale 

NICHOLAS  BIDDLE 12 

From  a  miniature  by  B.  Trott 

NICHOLAS  BIDDLE 192 

From  a  miniature  by  Henry  Inman 

BIDDLE'S  HOME  AT  ANDALUSIA 342 


THE  CORRESPONDENCE  OF 

NICHOLAS  BIDDLE 

DEALING  WITH  NATIONAL  AFFAIRS 


THE  CORRESPONDENCE 
OF  NICHOLAS  BIDDLE 

BIDDLE  TO  JAMES  MONROE 

London  July  6th  1807 
Dear  Sir 

The  observations  you  made  in  our  walk  yesterday 
were  of  so  interesting  a  nature,  that  I  hope  you  will  excuse 
my  recurring  to  the  subject  of  them.  About  to  enter  on  a 
scene  where  I  may  not  be  permitted  long  to  remain  merely  a 
spectator,  &  in  which  all  my  success  will  be  influenced  by  my 
first  steps,  I  feel  a  natural  anxiety  to  prescribe  a  course  of 
conduct  which  may  become  the  rule  of  my  political  life.  The 
violence  of  party  x  which  disgraces  our  country  is  indeed  dis 
couraging  to  one  who  feels  no  disposition  to  become  the  fol 
lower  of  any  sect,  or  to  mingle  political  animosities  with  the 
intercourse  of  society.  But  I  have  sometimes  thought  that 
the  interests  of  the  nation  might  be  advanced  without  join- 

1  In  1806  James  Monroe  with  Pinkney  negotiated  a  treaty  with  England;  and 
on  October  29,  1807,  he  left  England.  On  his  return  to  America  he  "drew  up  an 
elaborate  defense  of  his  diplomatic  conduct  in  England  in  a  letter  to  Madison, 
which  covers  ten  folio  pages  of  the  State  papers.  The  enthusiasm  with  which  he 
might  have  been  received  immediately  after  the  Louisiana  Purchase  was  damp 
ened  by  his  failure  in  the  English  negotiations.  Politicians  were  already  discuss 
ing  the  presidential  succession,  the  Republican  party  being  divided  in  their 
preferences  for  Madison  and  Monroe.  Jefferson  endeavored  to  remain  neutral; 
Wirt  was  in  favor  of  Madison;  at  length  the  legislature  of  Virginia  settled  the 
choice  by  pronouncing  in  favor  of  the  latter.  Monroe's  friends  acquiesced.  Soon 
afterwards  Madison  was  placed  and  Monroe,  after  a  brief  interval,  was  reflected 
to  the  post  of  governor."  Oilman,  Daniel  C.,  James  Monroe  (Boston,  1898),  pp. 
105,  106. 


4    Correspondence  of  Nicholas  Bid  die 

ing  those  who  think  themselves  exclusively  its  friends,  and 
that  even  the  intemperance  of  party  would  respect  a  manly 
independence  founded  on  honor  &  maintained  with  firmness 
without  descending  to  adopt  the  prejudices  or  to  be  guided 
by  the  passions  of  others.  You  Sir  more  than  any  other  char 
acter  with  whom  it  has  been  my  happiness  to  be  acquainted 
have  passed  thro'  all  the  stages  of  political  advancement 
honorable  for  yourself  &  useful  to  your  country.  From  you 
therefore  I  am  particularly  desirous  of  receiving  advice  which 
would  be  useful  to  a  person  who  like  myself  has  a  profession 
the  pursuit  of  which  is  a  primary  object,  but  who  from  many 
motives  aspires  to  any  political  distinction  which  may  be  ac 
quired  &  preserved  by  honorable  means. 

The  kindness  &  confidence  with  which  you  have  hitherto 
favored  me  as  they  are  a  principle  inducement  will  I  trust  be 
at  the  same  time  the  apology  for  this  trouble. 

BIDDLE  TO  JAMES  MONROE 

Philad3  June  21.  1809 
Dr  Sh 
it  is  so  long  since  I  have  had  the  pleasure  of  hearing 
from  you  that  I  take  the  liberty  of  asking  news  of  yourself 
&  the  family.  I  should  indeed  before  this  have  acknowledged 
your  kind  letter,  but  there  is  you  know  a  tranquil,  one  might 
say  a  happy  uniformity  which  gives  to  American  life  but 
little  variety  of  incidents,  &  it  would  be  superfluous  I  trust 
to  repeat  the  assurances  of  my  respect  &  esteem.  My  young 
friend  Mr  Walsh  x  whom  you  may  recollect  in  London  has 

1  In  1819  Walsh  established  the  National  Gazette  and  remained  the  editor  until 
1836  when  he  sold  it  to  William  Fry.  Walsh  was  for  a  time  a  writer  for  Dennie's 
Portfolio  of  which  Diddle  was  an  associate  editor  for  a  number  of  years.  Cf .  sketch 


To  James  Monroe 


just  returned  in  the  Pacific.  With  regard  to  our  affairs,  he 
left  Mr  Pinkney  *  under  a  strong  impression  that  the  modifi 
cation  of  the  Orders  in  Council  was  all  that  England  meant 
to  concede  to  this  country.  He  had  no  idea  of  the  more  en 
larged  arrangement  which  has  been  made,  or  is  expected  at 
Washington.  It  seems  singular  that  whilst  negociating  in 
London  the  ulterior  views  of  the  British  government  should 
have  been  concealed  from  him,  &  it  would  be  unfortunate 
if  in  a  matter  of  such  consequence  there  should  be  any  mis 
apprehension.  But  the  declaration  of  Mr  Erskine 2  appear[s] 
full  &  explicit.  Mr  M's  observation  of  the  pressure  of  the 
embargo  rather  confirms  the  opinion  that  we  have  only 
revealed  the  dangerous  secret  of  our  impotence  —  yet  the  ex 
periment  tho'  dear  may  perhaps  be  valuable,  since  nations 
like  men  should  learn  to  estimate  their  comparative  value. 
All  England  is  so  much  occupied  with  the  Duke  of  York  3 
that  this  new  war  in  Austria  has  attracted  very  little  atten 
tion,  &  excited  no  expectation  of  success.  Lord  Holland  still 
remains  in  Spain.  Mr  Burr  was  ordered  to  leave  England,  not 
as  was  stated  at  the  requisition  of  the  Spanish  minister  but 
from  a  belief  that  he  was  travelling  over  England  for  the  pur 
pose  of  collecting  information  which  might  render  him  after 
wards  acceptable  to  the  French  govfc.  He  had  been  at  Edin 
burgh  &  the  govfc  understanding  his  intention  of  going  to  Ire 
land  sent  orders  there  to  prevent  his  landing.  .  .  . 

of  life  in  Hudson,  Frederic,  Journalism  in  the  United  States,  1690-1872  (New  York, 
1873),  P.  322. 

1  William  Pinkney,  Minister  to  England. 

2  D.  M.  Erskine,  British  Minister  to  the  United  States.   Erskine's  difficulties 
are  discussed  in  full  in  Channing,  Edward,  The  Je/ersonian  System  (New  York, 
1907),  pp.  233-236. 

8  For  the  life  and  habits  of  the  Duke  of  York,  cf.  Walpole,  Spencer,  A  History 
of  England  since  1815  (New  York,  1912),  vol.  I,  pp.  131,  137.  283,  308. 


6    Correspondence  of  Nicholas  Biddle 


ROBERT  WALSH  TO  BIDDLE 

Baltimore  July  IIth  1809 
My  Dear  Friend 

...  I  proceeded  to  our  Capitol  two  days  after  my  ar 
rival  here,  in  order  to  fulfill  my  mission  &  was  greeted  with 
all  the  courtesy  I  could  wish.  Fortunately  the  House  had  not 
terminated  its  sittings  &  accordingly  afforded  me  an  oppor 
tunity  of  forming  some  judgment  of  its  character.  I  attended 
two  long  debates  &  could  [have]  desired  to  have  you  at  my 
side  at  the  time.  Never  most  assuredly  was  there  exhibited  a 
more  disgusting  caricature  of  legislation.  I  did  not  expect  to 
find  much  wisdom  among  them,  but  was  truly  surprised  to  dis 
cover  that  the  affairs  of  any  nation  could  by  any  possibility 
be  managed  by  men  such  as  the  members  of  the  House  of 
Representatives.  I  had  several  meetings  with  the  President 
and  Secretary  of  State *  &  saw  much  reason  to  be  satisfied 
with  the  intentions  of  both.  I  can  not  venture  to  give  an  opin 
ion  as  to  their  talents.  In  my  conferences  with  the  Presi 
dent,  I  discovered  a  feeling  towards  England  much  more 
conciliatory  than  his  former  policies  entitled  me  to  expect. 

ROBERT  WALSH  TO  BIDDLE 

Baltimore  August  Ist  1809 
My  Dear  Biddle 

...  I  had  some  conversation  with  Mr  Erskine  on  his 
way  to  your  city;  but  not  on  his  return  to  Washington.  As  I 
never  entertained  a  doubt  concerning  the  fate  of  his  arrange 
ments,  I  was  not  a  little  surprized  at  the  satisfaction  and  con 
fidence  which  he  manifested  on  that  subject.  If  our  admin- 

1  Robert  Smith  of  Maryland. 


From  James  Monroe 


istration  were  admitted  to  a  view  of  his  instructions,  they 
must  have  foreseen  the  result  &  were  in  my  opinion  highly 
censurable  for  acquiescing  in  so  extraordinary  an  assumption 
of  authority  on  the  part  of  the  Minister.  Mr  Madison,  to 
whom  I  communicated  my  apprehensions,  seemed  perfectly 
sure  of  the  validity  of  the  whole  negociation.  There  must  be 
still  some  lurking  fallacy  in  this  business  —  I  confess  that  the 
whole  is  a  mystery  to  me.  Whoever  has  been  in  England  or 
has  attended  to  the  management  of  affairs  in  that  country, 
must  at  once  see  the  impossibility  of  a  collusion  between  the 
ministry  &  their  envoy  —  or  of  perfidy  in  the  former.  Neither 
could  escape  the  sagacity  of  the  opposition  —  &  no  ministry 
could  expect  to  weather  the  storm  which  the  exposure  of  so 
detestable  a  fraud  would  collect  over  their  heads.  It  may, 
moreover,  be  easily  shewn,  that  no  views  whatever  of  public 
or  private  utility  could  be  answered  by  such  a  proceeding;  or 
could  have  been  in  the  contemplation  of  sensible  men.  I  re 
gret,  therefore,  that  any  federalist  should  countenance  an 
idea  every  way  unjust  and  eminently  injurious  to  the  good 
cause  among  ourselves. 

JAMES  MONROE  l  TO  BIDDLE 

(Confidential)  Washington  May  5,  1815 

My  dear  Sir 

I  have  yours  of  the  28  ulto.  and  am  much  gratified  to 
find  that  we  agree  in  every  circumstance  as  to  the  dangers 
with  which  we  are  menac'd  by  the  late  events  in  France,2  and 
the  precautions  we  ought  to  take  to  avoid  them.  It  would  I 

1  Secretary  of  State  and  of  War  in  the  Cabinet  of  President  Madison,  1814- 
1815. 

2  For  the  last  years  of  Napoleon's  career  cf.  Rose,  J.  H.,  Life  of  Napoleon  I  (New 
York,  1902),  chs.  37-41. 


8     Correspondence  of  Nicholas  Biddle 

think  be  improper  to  suffer  our  squadron  to  sail  for  the  Medi- 
teranean  or  to  disband  our  army,  untill  we  saw  more  distinctly 
what  were  likely  to  be  the  consequences  of  those  events,  es 
pecially  as  to  the  U  States.  It  is  probable,  or  rather  certain, 
that  Boniparte  will  claim  to  the  Rhine;  and  that  will  produce 
a  war  with  England,  if  she  can  form  such  a  combination  of 
force  as  promises  to  make  head  against  him.  If  Austria  is  on 
his  side  I  should  not  be  surprised  if  there  should  be  a  general 
acquiescence  in  his  restoration,  provided  all  France  is  in  his 
favor(?),  as  circumstances  indicate.  The  British  nation  must 
be  fatigued  with  the  war  in  Europe,  with  that  with  the  U 
States,  and  its  disasterous  termination  at  N.  Orl:  Their 
finances  are  embarrassed.  Repose  has  been  caught  at  with 
avidity,  and  the  mortification  must  be  extreme  when  it  is 
seen  that  the  prospect  of  it  is  snatched  from  them,  and  that  a 
new  struggle  is  to  be  encountered,  more  burthensome  perhaps 
than  that  through  which  they  have  already  passed,  to  place 
them  at  the  point  at  which  they  lately  stood,  if  it  is  (?)  even 
practicable.  It  is  equally  doubtful,  whether,  as  Russia  may 
have  relinquished  her  claims  on  Poland,  she  can  be  brought 
to  bear  on  France,  and  without  her  aid,  the  attempt  of  Eng 
land  &  Prussia  would  be  a  desperate  one.  I  think  it  is  not  im 
probable  that  Spain  will  be  neutralized,  by  events  at  home. 
Per*1.1  has  cut  off  the  heads  of  many  of  those  who  fought  for 
his  restoration;  reinstated  the  inquisition,  and  revolted  the 
feelings  of  the  whole  nation.  The  contest  for  him  was  a  kind 
of  revolutionary  mov'ment;  it  was  certainly  a  national  one, 
in  which  a  species  of  popular  gov*.  ruled.  He  has  put  himself 

1  Ferdinand  VII  of  Spain.  For  a  discussion  of  the  events  of  this  reign  consult 
Seignobos,  Charles,  A  Political  History  of  Europe  (trans,  by  S.  M.  Macvane,  New 
York,  1899),  pp.  289-291. 


From  Clement  C.  Biddle 


against  that  gov*.,  and  against  that  movement.  The  restora 
tion  of  Bonaparte  by  the  will  of  the  nation,  operating  as 
it  were  by  free  suffrage,  will  revive  revolutionary  feelings  in 
France,  which  may  extend  to  Spain,  under  the  existing  cir 
cumstances  there.  If  however  Bonaparte  takes  to  the  Rhine, 
&  Egld  declares  war,  she  may  strike  at  us  as  in  the  former 
wars.  This  is  the  moment  when  we  may  fix  our  entring  in 
such  a  struggle,  shod.  it  occur;  for  on  the  part  which  we  now 
act,  it  may  depend,  whether  we  shall  [have]  pass'd  successfully 
thro  it,  possessed  of  the  firmness  &  gallantry  displayed  in  the 
late  war,  or  made  their  exertions  in  vain.  If  we  take  a  de 
cisive  tone  at  once,  we  may  &  probably  shall  command  the 
respect  of  both  parties.  If  we  hesitate,  we  shall  [be]  as  sure 
of  their  contempt.  .  .  . 

CLEMENT  C.  BIDDLE  1  TO  BIDDLE 

Philada.  24.  Decr.  1815. 
My  dear  Nicholas, 

Your  letter  of  the  20.  inst.  for  which,  permit  me  to 
thank  you,  was  recd.  yesterday.  I  shall  avail  myself  of  your 
kind  intimations  respecting  the  letters,  and  forward  them 
to  you  by  the  first  private  hand. 

I  cannot  but  exceedingly  regret  the  failure  of  your  bill  for 
an  immediate  levy  of  a  regular  State  force,  satisfied,  as  I  am, 
of  the  insufficiency  of  any  scheme  by  voluntary  enlistment,  of 
obtaining  the  men  (independent  of  their  proper  organization, 
and  discipline  fit  for  service)  before  the  middle  of  the  ensuing 
summer,  —  if  even  by  that  time.  My  opinion  is  formed  from 

1  Clement  C.  Biddle,  a  cousin  of  Nicholas  Biddle  and  a  son  of  Clement  Biddle 
of  Revolutionary  fame.  Commanded  the  Pennsylvania  Regiment  of  Light  Infan 
try  Volunteers  in  1812-1814,  afterwards  distinguished  in  civil  life. 


io    Correspondence  of  Nicholas  Biddle 

my  own  experience  in  the  recruiting  service,  when  we  were 
abundantly  supplied  with  funds,  —  and  from  conversations 
which  I  have  recently  had  with  the  officer  (col.  Clemson) 
now  superintending  that  service  in  this  district. 

From  a  perusal  of  the  Bill,  which  is  now  before  you,  the 
following  objections  objections  have  presented  themselves 
to  me.  Sect.  Ist  Line  4th.  In  lieu  of  a  Regiment  say  a  Battalion 
of  Artillery,  which  will  conform  to  the  organization  of  the 
U.S.  Artillery:  they  having  no  Regiments,  but  twelve  Bat 
talions  of  four  companies  each,  commanded  by  a  Lieut.  Col. 
or  Major.  This  will  give  a  large  proportion  of  Artillery  for 
four  Regts.  of  Infantry,  viz.  one  tenth  of  the  Inf^.  General 
Scott  says  one  twentieth  is  sufficient.  Sect.  2d.  line  6th  after  the 
organization  of  a  Reg*,  let  that  of  the  Battalion  of  Artillery 
come  according  to  the  U.S.  viz.  Four  Companies  —  Field 
of  Staff,  —  i  Lieut.  Col.  i  Adjut.  I  Quarter  Master,  i  Pay 
Master,  the  Surgeon,  the  surgeon's  mate,  I  Sergeant  Major, 
i  Quarter  Master  Sergeant  and  2  Principal  musicians.  Line 
9th.  The  U.S.  organization  of  a  Company  of  Artillery  is  much 
better  than  that  of  the  Bill :  it  is  I  captain,  i  first  Lieut.  2 
second  lieut's  (one  of  which  is  Conductor  oj  Military  Stores, 
and  has  charge,  and  is  responsible,  for  the  ordnance  &c  &c.) 
I  third  lieut.  i  quarter  master  sergeant,  5  sergeants,  8  cor- 
porals,  4  musicians  and  100  privates.  Line  IIth.  The  number 
of  Non  Commissioned  officers  and  privates  of  a  company  of 
Riflemen  should  be  the  same  as  that  of  Infantry.  It  is  in  the 
U.S.  service — the  five  officers  are  quite  sufficient  for  the  com 
mand  of  ninety  men,  and  a  company,  which  when  full  had  but 
sixty  eight  men,  wd  not  generally  have  in  the  field  above  forty, 
which  are  too  few,  particularly  where  there  are  so  many  com 
pany  officers.  There  is  an  additional  reason  for  increasing  the 


From  Clement  C.  Biddle 


1 1 


strength  of  the  Rifle  corps,  to  wit,  in  the  French  and  most  of 
the  European  services,  the  Tiraileurs  or  Light  Infantry  bear 
to  the  Infantry  of  the  Line,  at  least  the  proportion  of  one  to 
three,  whereas  even  after  this  augmentation,  they  wd  in  this 
Bill  only  bear  the  proportion  of  one  to  four,  and  without  it  of 
one  to  six,  only  half  that  of  the  French,  when  our  Coun 
try  requires  a  greater  proportion.  Sect.  3  Line  5th.  In  order 
to  make  this  enumeration  complete  Brigade  Majors  shd  be 
added,  and  besides  Assistants  and  Deputies,  there  shd  be  As 
sistant  Deputies,  there  being  officers  with  that  title  in  the 
U.S.  service.  This  section  seems  to  imply  that  in  the  U.S. 
service  the  Adjutant  &  Inspector  Generals  must  be  taken 
from  the  line  of  officers,  which  is  not  the  case,  and  they  are 
frequently  taken  from  Citizens,  as  in  the  cases  of  Col3. 
Duane,  Drayton,  Powell  &  others.  The  U.S.  regulations  re 
quire  their  Assistants  to  be  taken  from  the  line  of  officers. 
Also  in  the  Quarter  Master's  Department  in  the  U.S.  service, 
none  of  the  officers  can  be  taken  from  the  line  of  officers.  Ac 
cording  to  the  U.S.  regulations  Six  Regiments  should  make 
three  Brigades. 

Should  there  not  be  an  additional  section  giving  the  officers 
rank  over  all  officers  of  the  militia  and  Volunteers  of  the  same 
grade  ? 

It  may  be  observed  that  wherever  this  Bill  differs  from  the 
organization  of  the  U.S.  army  as  to  the  number  of  officers, 
non-commissioned  officers  and  privates  in  a  Reg*  or  compy 
it  is  defective,  as  great  attention  has  been  paid  to  that  subject 
in  the  U.S.  service,  and  many  alterations  made  before  the 
present  organization  was  adopted. 

In  lieu  of  the  six  companies  of  artillery  which  it  is  proposed 
to  strike  out,  let  there  be  jour  troops  of  Dragoons,  formed 


12 


Correspondence  of  Nicholas  Biddle 


into  a  Squadron  under  a  major,  organized  as  in  the  U.S.  serv 
ice,  which  will  then  complete  the  formation  of  a' "Legion," 
which  this  Bill  contemplates.  A  Small  corps  of  Cavalry  will 
be  much  wanted. 

Excuse  the  irregularity  with  which  the  foregoing  remarks 
are  drawn  up,  &  beleive  me  with  perfect  esteem  &  regard 

BIDDLE  TO  JAMES  MONROE 

Phila.  Jan^.  31.  1819 
My  dear  sir, 

I  have  received  by  this  day's  mail  your  letter  of  the 
29th  announcing  your  having  nominated  me  one  of  the  Direc 
tors  of  the  Bank  of  the  U.S.  I  need  not  say  that  I  consider 
this  rememberance  a  proof  of  that  uniform  kindness  &  friend 
ship  on  your  part  which  I  value  so  highly,  and  as  such  I  beg 
you  to  accept  my  thanks  for  it.  I  have  however  little  con 
cern  with  Banks  &  have  hitherto  declined  sharing  in  the  man 
agement  of  the  institution  when  it  was  proposed  to  me  by  the 
stockholders.  Yet  I  am  unwilling  to  avoid  any  duty  by  which 
you  think  I  can  be  of  service. 

The  truth  is,  that  with  all  its  faults,  the  Bank  is  of  vital 
importance  to  the  finances  of  the  gov*  and  an  object  of  great 
interest  to  the  community.  That  it  has  been  perverted  to 
selfish  purposes  cannot  be  doubted  —  that  it  may  —  &  must 
—  be  renovated  is  equally  certain.  But  they  who  undertake 
to  reform  abuses  &  particularly  of  that  description,  must  en 
counter  much  hostility  &  submit  to  much  labor.  To  these,  the 
hope  of  being  useful  can  alone  reconcile  me  —  and  if  I  should 
undertake  the  task  I  shall  endeavor  to  persevere  till  the 
character  of  the  institution  is  reestablished. 


Nicholas  Elddle 

From  a  miniature  ty  B.  Trott 


From  James  Monroe  \  3 

JOHN  McKiM  JR.1  TO  BIDDLE 

Baltimore  Jany.  8th.  1820 
Dear  Sir 

Mr.  Riggin,  who  was  nominated  by  me,  and  Elected 
one  of  the  Republican  Directors  of  the  Branch  here,  having 
Resigned,  Mr.  Alexr.  McKim  was  nominated  last  Tuesday  to 
fill  the  Vacancy.  I  am  sure  no  man  in  Baltimore  would  give 
more  satisfaction  to  the  Citizens  of  this  place  than  he  Would, 
if  Elected,  and  at  the  same  time  the  Board  here  would  have 
an  opportunity  of  making  him  their  President,  If  they  chose. 

I  now  wish  you  to  attend  to  this  Election,  as  you  know 
that  the  Republicans  are  one  short  of  their  number,  and  the 
necessity  of  giving  us  our  Share  of  the  Direction,  as  we  do 
hold  more  then  the  half  of  the  Stock,  and  it  having  been 
Policy  to  divide  the  two  Party,  in  the  direction,  Since  the 
Bank  was  Established.2 

I  know  that  you  can  Manage  this  in  your  usual  good,  & 
Handsome  manner,  which  has  often  gave  me  great  Pleasure. 

JAMES  MONROE  TO  BIDDLE 

Washington  April  n.  1820 
Dear  Sir 

...  A  representation  has  I  understand  been  made  to 
the  directors  of  the  national  bank  respecting  a  change  in  the 
Direction  of  the  branch  in  Lexington  Ky.,  which  it  is  thought 

1  Director  of  the  Bank,  1835-1836.  A  trusted  adviser  at  Baltimore  along  with 
Robert  Oliver  and  R.  L.  Colt. 

2  This  letter  shows  how  solicitous  the  Bank  men  were  to  keep  the  political 
parties  absolutely  balanced  even  before  Biddle  entered  upon  his  presidency.  The 
later  correspondence  will  show  Biddle's  policy  on  this  most  crucial  question  of 
the  administration. 


14    Correspondence  of  Nicholas  Bid  die 

will  produce  a  good  effect  there,  &  promote  the  general  inter 
est  of  the  institution.  Being  well  acquainted  with  the  leading 
characters  of  that  State,  and  my  attention  being  drawn  to 
the  subject  last  summer,  as  I  passed  through  it,  at  the  par 
ticular  request  of  some  residing  there,  in  whom  I  have  the 
highest  confidence,  I  enclose  you  a  note  of  several,  who  I  think 
very  deserving  of  the  appointment.  The  effect  which  may  be 
produced,  by  a  judicious  selection  of  persons,  for  that  trust,  in 
conciliating  the  public  opinion  to  the  institution,  you  will 
fully  appreciate.  I  make  this  communication  to  you  in  con 
fidence,  &  am  .  .  . 

BIDDLE  TO  JAMES  MONROE 

Andalusia  October  8.  1820. 
My  dear  Sir, 

You  will  I  am  sure  feel  some  interest  in  the  inclosed 
paper  which  I  have  thought  it  advisable  to  publish  in  order 
to  correct  some  deeply  rooted  prejudices  against  some  of  the 
measures  of  the  last  war.  Having  never  taken  any  formal  no 
tice  of  them  till  now,  I  believed  that  after  so  long  a  time  it 
was  right  to  state  distinctly  what  it  was  I  had  really  done,  to 
excite  the  violence  of  that  period.  As  far  as  I  can  learn,  its  ef 
fect  upon  fair  &  liberal  minds  has  been  such  as  I  could  wish. 
Nevertheless  it  will  not  contribute  at  all  to  my  election 
which  will  be  decided  by  very  different  considerations.  Ac 
cording  to  the  unfortunate  system  of  nomination  prevailing 
here,  it  is  always  in  the  power  of  a  cabal  to  take  from  the 
people  all  share  in  the  real  business  of  an  election.  Thus  for 
instance  I  was  originally  nominated  by  both  sections  of  the 
Republican  party  —  by  a  Committee  of  the  friends  of  Mr 
Findlay  &  a  Committee  of  the  friends  of  Mr  Heister.  But  the 


To  James  Monroe  1 5 

latter  were  so  anxious  to  secure  his  election,  that  finding  the 
federalists  unwilling  [to]  vote  for  their  candidate  Mr  Heister 
unless  Mr  Heister's  friends  in  return  would  vote  for  the  federal 
members  of  Congress,  they  reassembled  &  in  order  to  secure 
the  federal  votes  for  Mr  Heister  gave  up  their  Congress  ticket 
altho'  it  had  been  formally  agreed  upon  &  published.  My  sup 
port  therefore  will  be  from  one  section  only  of  the  republicans 
—  the  other  at  the  head  of  whom  is  Duane  opposing  my  elec 
tion,  not  as  he  himself  avowed  to  a  friend  of  mine  from  any 
personal  hostility  to  me,  but  because  I  was  well  disposed  to 
the  administration  of  the  general  gov*.  Another  very  efficient 
motive  with  that  individual  is  that  my  nomination  excluded 
his  own  son.  Such  are  the  springs  which  move  our  election. 
The  district  is  in  truth  a  perfect  chaos  of  small  factions  &  as 
I  have  shunned  all  participation  in  their  intrigues  I  do  not 
anticipate  the  slightest  chance  of  being  elected.  The  only 
object  of  any  importance  is  to  rally  the  sound  part  of  the 
population  against  the  decided  hostility  to  the  general  gov* 
which  animates  some  of  the  demagogues  —  &  that  I  think 
can  be  accomplished.  Will  you  present  my  best  respects  to 
Mrs  Monroe  .  .  . 

The  opposition  is  formed  of  a  union  of  the  federalists  with 
the  friends  of  Mr  Heister.  The  latter  consist  of  two  divisions, 
one  willing  to  sacrifice  every  thing  for  Mr  Heister,  the  other 
at  the  head  of  whom  is  Duane,  in  addition  to  the  same  motive 
are  stimulated  by  the  pleasure  of  opposing  one  whom  they 
know  to  be  friendly  to  the  administration  of  the  general  gov*. 
This  reason  is  distinctly  avowed  by  their  leader  who  at  the 
same  time  professes  to  have  no  personal  hostility  to  me.  Such 
are  the  secret  springs  which  will  control  the  election. 


6    Correspondence  of  Nicholas  Biddle 


To  the  Electors  of  the  City  and  County  of  Philadelphia, 
and  the  County  of  Delaware. 

I  understand  that  many  estimable  persons  among  you,  re 
tain  unkind  feelings  toward  me  from  a  belief  that  during  the 
late  war,  I  proposed  to  establish  in  Pennsylvania  the  French 
system  of  military  conscription.  This  reproach  was  widely 
circulated  at  that  period.  But  I  was  then  too  anxious  about 
the  defence  of  the  country,  to  care  about  defending  myself, 
and  I  therefore  never  in  any  way  noticed  it,  presuming  that 
when  the  violence  of  party  passions  should  subside,  men 
would  return  to  more  just  and  liberal  sentiments.  I  should 
still  persevere  in  the  same  silence,  but  I  think  it  due  to  those 
gentlemen,  who  have  done  me  the  honor  to  connect  my  name 
with  the  approaching  election  for  members  of  congress,  to 
remove  an  impression  which  may  be  injurious.  If  then  it  be 
true,  that  there  is  any  individual,  who  forgetting  the  dan 
gers  of  the  war,  remembers  only  its  prejudices,  he  will  perhaps 
find  in  the  following  statement,  some  reason  to  think  that  he 
has  been  unjust  to  me. 

The  assertion  is,  that  I  proposed  to  introduce  the  French 
system  of  conscription. 

The  fact  is,  that  I  never  proposed  any  thing  resembling  the 
French  conscription; —  that  what  I  did  propose,  was  a  system 
practised  in  Pennsylvania,  long  before  the  French  conscrip 
tion  was  in  existence; —  and  that  the  very  design  and  effect 
of  it  was  to  avoid  a  conscription,  that  is  a  militia  draft  which 
is  in  principle,  very  nearly  the  same  mode  of  levying  troops. 

A  few  words  will  make  this  evident.  The  French  system  of 
conscription  is  this.  All  the  men  between  twenty  and  twenty- 
five  years  of  age,  are  divided  into  classes.  When  a  class  is 


70  James  Monroe  1 7 

called  into  service,  each  man  of  the  class  must  find  a  sub 
stitute  or  march,  or  what  to  the  mass  of  the  citizens  is 
precisely  the  same  thing,  pay  sixteen  dollars  a  month.  The 
nature  of  the  two  services  is  of  course  different,  from  the 
peculiar  circumstances,  and  the  different  forms  of  government 
in  the  two  countries;  but  as  mere  modes  of  military  levy 
they  are  evidently  similar. 

Now  what  I  have  proposed  was  this.  Every  twenty-two 
men  above  eighteen  years  of  age,  were  to  furnish  a  soldier  to 
serve  for  the  defence  of  the  state,  during  twelve  months.  If 
they  did  not,  the  proper  officer  was  to  provide  one,  and  di 
vide  the  expense  among  the  twenty-two.  But  before  doing 
this,  such  of  the  twenty-two  as  were  liable  to  military  duty 
drew  lots.  If  the  person  on  whom  the  lot  fell  consented  to 
serve,  he  received  a  contribution  of  two  hundred  dollars  from 
his  neighbors.  If  he  did  not,  the  price  of  a  substitute  should 
exceed  two  hundred  dollars,  he  was  to  pay  the  excess,  which 
was  limited  to  two  hundred  dollars  more. 

All  this  might  be  a  good  or  a  bad  system,  but  one  thing  at 
least  is  clear,  that  it  is  totally  unlike  the  French  system,  and 
much  less  like  the  French  conscription  than  our  own  militia 
law,  which  it  was  intended  to  supercede. 

But  in  fact,  the  mode  of  raising  a  military  force  at  that 
time,  was  not  a  question  of  general  policy,  but  of  immediate 
expediency —  not  how  to  frame  a  permanent  system,  but  how 
to  provide  against  a  sudden  emergency.  It  was  necessary  to 
raise  within  ten  weeks,  that  is  between  the  middle  of  Janu 
ary,  before  which  no  law  could  pass,  and  the  month  of  April, 
when  Philadelphia  might  be  assailed,  an  adequate  force  for 
its  protection.  To  procure  these  troops  by  voluntary  enlist 
ments,  was  utterly  hopeless;  for  the  United  States  army  had, 


1 8     Correspondence  of  Nicholas  Bid  die 

during  more  than  two  years,  gleaned  every  idler  in  the  state; 
and  even  had  there  been  time,  the  commonwealth  had  neither 
land  to  promise,  nor  bounty  money  to  pay  to  recruits.  To  rely 
exclusively  on  occasional  drafts  of  militia,  hastily  levied  at 
every  fresh  alarm,  was  to  entrust  the  fate  of  the  city  to  a  sys 
tem  the  most  oppressive  to  the  citizen,  the  most  expensive 
to  the  community,  and  the  least  efficient  against  the  enemy. 
Believing  then  the  voluntary  enlistment  too  slow  and  too 
dear,  and  the  militia  draft  too  weak  and  too  burdensome, 
I  proposed  that  which  promised  to  be  at  once  prompt,  equal, 
and  efficient.  I  thought  then,  and  I  think  still,  that  it  had 
many  decided  advantages  over  the  other  plans.  The  first, 
and  the  most  important  was,  that  by  it,  and  by  it  alone  could 
nine  thousand  well  officered  men  be  brought  into  the  field  in 
six  weeks,  without  any  demand  on  the  state  treasury  —  the 
second  was,  that  being  chiefly  composed  of  substitutes  who 
would  probably  reinlist,  the  force  could  be  retained  as  long  as 
it  should  be  wanted  —  the  third  was,  that  it  was  much  more 
favourable  to  the  poorer  citizens,  than  the  militia  law.  By  that 
law,  if  a  militia  man  leaves  home,  neither  he  nor  his  family 
receive  any  indemnity;  and  if  he  stays  at  home,  he  pays  for 
a  years  delinquency,  one  hundred  and  ninety-two  dollars. 
By  the  proposed  bill,  if  he  left  home  he  received  two  hundred 
dollars;  if  he  staid  at  home  he  paid,  except  in  an  extraordinary 
case,  only  the  twenty-second  part  of  the  price  of  a  substitute. 
Instead  moreover  of  being  a  dangerous  novelty,  it  had  all 
the  merit  of  successful  experience.  It  was  an  old  Pennsyl 
vania  plan.  In  the  year  1780,  a  law  passed  dividing  the  people 
into  classes,  each  of  which  was  to  furnish  a  man  to  serve  in 
the  army  of  the  United  States  during  the  war,  and  a  delin 
quent  class  was  to  pay  fifteen  pounds  specie  or  current  money, 


To  James  Monroe  1 9 

equivalent,  which  was  one  thousand  one  hundred  and  twenty- 
five  pounds  currency. 

A  second  act,  passed  in  1781,  by  which,  if  a  class  was  de 
linquent,  a  substitute  was  to  be  procured  without  limitation 
of  price,  at  the  expense  of  the  class. 

A  comparison  of  the  levy  of  1780,  with  that  of  1815,  will 
show  how  little  reason  Philadelphia  would  have  had  to  com 
plain  of  the  latter.  By  the  law  of  1780,  the  city  and  county 
of  Philadelphia  was  bound  to  furnish  eight  hundred  and 
ninety-five  men,  to  serve  in  the  United  States  army  during 
the  war.  By  the  proposed  law,  the  city  and  county,  with  per 
haps  three  times  the  population,  and  twenty  times  the  wealth 
of  1780,  would  have  been  bound  to  furnish,  for  its  own  exclu 
sive  defence  during  one  year,  about  one  thousand,  or  eleven 
hundred  men. 

Let  me  now  ask  any  fair  and  candid  man,  in  what  part  of 
this  proposed  measure  is  there  any  thing  unjust  or  oppressive 
—  any  thing  which  violates  the  rights,  or  wounds  the  interests 
of  a  single  individual  —  if  it  be  not  milder  than  the  militia 
law  —  more  practicable  than  an  enlistment  system  —  and 
unless  the  city  was  prepared  to  submit  quietly  to  shame  and 
pillage,  what  mode  of  organizing  resistance  could  be  more  im 
mediate,  energetic  and  just?  But  supposing  it  not  to  be  the 
best  plan,  supposing  it  to  be  a  wrong  plan.  That  would  be 
a  fit  reason  for  preferring  some  other,  but  it  surely  is  not  a 
fair  subject  of  reproach  against  the  proposer,  who  could  not 
possibly  have  had  any  personal  or  selfish  motive,  and  who,  if 
he  erred,  could  have  been  mislead  only  by  mistaken  zeal.  So 
unwilling  indeed  was  I,  that  any  mere  pride  of  opinion  on  my 
part  should  interfere  with  the  public  service,  that  I  at  the 
same  time,  supported  and  voted  for  an  enlistment  bill,  under 


20    Correspondence  of  Nicholas  Bid  die 

an  impression  that  the  few  who  could  be  raised  by  it,  would 
be  at  least  so  much  gained  for  our  defence  —  and  when  my 
own  proposal  was  lost  in  the  house  of  representatives,  was 
one  of  a  committee  who  immediately  proposed  a  bill  for 
raising  volunteers,  on  which  the  senate  were  engaged  the 
day  when  peace  was  announced. 

I  proposed  and  supported  these  measures  from  a  con 
viction,  that  the  state  of  the  country  demanded  a  vigorous 
effort  to  save  it,  and  I  should  have  consented  to  any  thing 
which  would  call  forth  its  resources  without  being  very  fas 
tidious  as  to  forms.  And  truly  if  eight  thousand  men  were 
willing  to  come  from  the  interior  to  our  assistance,  it  did 
seem  to  be  a  matter  of  utter  insignificance  to  the  citizens 
of  Philadelphia,  whether  they  came  out  of  classes  of  twenty- 
two,  or  classes  of  any  other  number.  That  they  came  at 
all  —  that  they  came  well  armed  —  well  officered  and  well 
paid  —  might,  I  think,  have  satisfied  the  most  scrupulous, 
and  furnished  an  apology  at  least  for  the  system  which 
brought  them. 

I  have  now  finished  the  original  purpose  of  this  note,  but 
the  subject  induces  me  to  add  a  few  words  on  the  general 
measures  of  that  time. 

In  the  autumn  of  1814,  I  was  elected  to  represent  this 
district  in  the  senate.  You  all  remember  the  condition  of 
the  country.  Washington  had  been  taken  —  Baltimore  at 
tacked  —  a  large  British  fleet  and  army  were  on  the  coast, 
able  suddenly  to  strike  any  assailable  point.  Against  this 
danger,  Philadelphia  was  totally  unprepared.  She  relied  on 
the  general  government,  until  the  failure  of  the  military 
proposals  in  congress  announced  to  the  states,  that  they 
must  provide  for  their  own  safety.  From  that  moment  it 


"To  James  Monroe  2 1 

became  my  duty  to  secure  the  means  of  defending  the  capi 
tal.  It  was  manifest  that  unless  a  force  could  be  collected 
before  the  navigation  of  the  Delaware  opened,  Philadel 
phia  was  at  the  mercy  of  the  enemy.  We  wanted  then  a 
naval  defence  —  we  wanted  a  stationary  land  force,  in 
aid  of  the  militia  —  we  wanted  arms  —  we  wanted  money. 
That  none  of  these  were  neglected,  will  be  seen  by  the  legis 
lative  journals  of  that  day,  which  I  cite,  because  they  offer 
a  simple  and  unquestionable  statement  of  facts. 

Extract  the  Senate  Journal,  1814-15,  p.  104.  January 
4th,  1815. 

"A  motion  was  made  by  Mr.  Biddle  and  Mr.  Lowrie,  and 
read  as  follows.  Resolved,  that  a  committee  be  appointed 
to  inquire  into  the  expediency  of  raising  by  drafts  from  the 
militia,  a  corps  of  eight  thousand  men,  to  serve  during 
twelve  months  for  the  defence  of  Pennsylvania  and  the 
adjoining  states,  with  leave  to  report  by  bill  or  otherwise. 
Resolved,  that  the  same  committee  be  instructed  to  in 
quire  into  the  expediency  of  procuring  one  or  more  steam 
frigates,  steam  batteries,  or  other  means  of  defence  for  the 
protection  of  the  shores  of  Delaware,  with  leave  to  report 
by  bill  or  otherwise.  Resolved,  that  the  same  committee  be 
instructed  to  inquire  into  the  expediency  of  borrowing  a 
sum  not  exceeding  one  million  of  dollars,  to  be  employed 
solely  for  the  defence  of  this  state  —  with  leave  to  report 
by  bill  or  otherwise. 

"On  motion,  said  resolutions  were  severally  read,  con 
sidered,  and  adopted,  and  ordered  that  Mr.  Biddle,  Mr. 
Lowrie,  Mr.  Forster,  Mr.  Frailey  and  Mr.  Beale,  be  a  com 
mittee  for  the  purpose  expressed  in  said  resolutions." 

In  two  days  —  January  6th,  1815.  Page  no. 


22     Correspondence  of  Nicholas  Biddle 

"Mr.  Biddle  from  the  committee  appointed  for  the  pur 
pose  on  the  fourth  instant,  reported  an  act  to  raise  a  mili 
tary  force  for  the  defence  of  this  commonwealth."  This 
passed  the  senate  on  the  I4th  of  January. 

On  the  I3th  January  —  Page  128. 

"Mr.  Biddle  from  the  committee  appointed  for  the  pur 
pose  on  the  fourth  instant  reported  a  bill  entitled  an  act 
to  authorize  a  loan  of  one  million  of  dollars,  for  the  defence 
of  this  commonwealth."  The  loan  was  to  be  at  seven  per 
cent,  and  to  be  applied  exclusively  "to  defray  any  expenses 
which  may  be  incurred  in  military  or  naval  preparations 
for  the  defence  of  this  commonwealth." 

On  investigation  it  appeared  that  the  steam  frigates 
could  not  be  built  in  time,  and  that  the  approach  to  the 
city  might  be  adequately  defended,  by  strengthening  the 
United  States  flotilla  in  the  Delaware.  It  consisted  of 
twenty-seven  boats  and  vessels,  but  such  was  the  desperate 
state  of  the  recruiting  service,  that  this  armament  had  only 
about  one  fifth  of  its  complement;  and  a  large  part  of  its 
crew  were  to  be  discharged  in  April.  The  commander  was 
requested  to  state  distinctly,  what  number  of  men  would 
render  his  flotilla  perfectly  efficient,  and  what  bounties 
would  procure  them.  He  did  so,  but,  that  in  a  service  so 
important  nothing  should  be  left  to  hazard,  the  number  of 
men  as  well  as  the  bounties,  were  increased  beyond  his  esti 
mates. 
Accordingly,  January  25th,  1815: 

"Mr.  Biddle  read  in  his  place,  and  on  permission  pre 
sented  to  the  chair  a  bill,  entitled  'An  act  granting  addi 
tional  emoluments  to  seamen,  employed  in  the  defence  of 
this  commonwealth.'"  This  bill  passed  February  ist. 


To  James  Monroe  2  3 

Of  arms  the  state  possessed  enough  to  equip  the  new 
levies,  (Senate  Journal,  p.  21,)  but  that  every  thing  which 
promised  to  be  useful,  might  be  pressed  into  the  public 
service. 

"On  motion  of  Mr.  Biddle  and  Mr.  Graham,  the  follow 
ing  resolution  was  twice  read,  considered,  and  adopted.  Re 
solved,  That  a  committee  be  appointed  to  inquire  into  the 
nature  and  advantages  of  Chamber's  repeating  guns,  and 
the  expediency  of  employing  them  in  the  service  of  the 
state."  Senate  Journal,  p.  46. 

Page  67.  "Mr.  Biddle,  from  the  committee  appointed 
on  the  1 5th,  to  inquire  into  the  nature  and  advantages  of 
Chamber's  repeating  guns,  made  report  as  follows,"  &c. 
&c.  Concluding  with  a  resolution  to  purchase  fifty  swivels, 
and  to  have  five  hundred  muskets  altered  to  the  new  plan. 

These  documents  prove  that,  within  a  few  days  after 
the  duty  of  protecting  the  capital,  devolved  on  the  legis 
lature,  an  efficient  system  of  defence  was  proposed  and 
passed  in  the  Senate;  a  system,  which  before  the  month  of 
April,  would  have  placed  between  Philadelphia  and  its  en 
emy,  a  strong  flotilla,  capable  of  being  speedily  reinforced, 
by  all  the  naval  resources  of  the  city;  and  a  well  officered 
army  in  aid  of  the  local  militia;  a  system,  which  would 
have  shielded  the  city  from  all  danger  and  all  alarm  during 
the  war. 

Of  the  energy  and  patriotism  of  those  gentlemen,  from 
the  interior,  who  co-operated  with  me,  and  who,  although 
remote  from  the  capital,  readily  and  zealously  took  their 
share  in  its  defence,  I  can  never  speak  nor  feel  too  warmly. 
Nor  did  I  permit  myself  to  question  the  motives  of  those 
who  opposed  any  of  these  measures.  I  knew  them  too  well, 


24    Correspondence  of  Nicholas  Bid  die 

not  to  ascribe  their  opposition  to  a  fair  and  honourable 
difference  of  opinion.  But  I  also  had  some  right  to  a  liberal 
construction  of  my  own  views.  In  executing  the  duties  as 
signed  to  me,  I  had  endeavoured  to  do  what  was  useful,  not 
what  was  agreeable;  and  never  having  sought  to  please, 
not  to  have  pleased,  would  have  been  a  subject  neither  of 
surprise,  nor  mortification.  But  I  could  not  easily  antici 
pate,  that  after  a  laborious  and  anxious  struggle  to  pro 
vide  for  the  defence  of  my  own  native  city  against  foreign 
enemies,  after  securing  the  aid  of  patriotic  men  from  the 
country,  willing  to  partake  in  the  expense  and  the  dangers 
of  that  defence,  I  should  become  an  object  of  denunciation 
in  that  very  city;  should  have  been  put  under  a  sort  of 
political  proscription,  avowedly  for  my  activity  in  striving 
to  protect  it. 

There  was  about  the  same  time  another  measure,  to 
which  from  my  share  in  it,  it  may  be  well  to  advert.  When 
Massachusetts  and  Connecticut  proposed  to  Pennsylvania, 
the  changes  in  the  constitution,  originally  projected  at 
the  convention  of  Hartford,1  it  appeared  to  me  after  very 
deliberate  examination  that  their  inevitable  effect  would 
be  to  loosen  the  whole  structure  of  the  confederation,  and 
that  they  were  therefore  more  dangerous  to  the  country 
than  the  foreign  armies  which  threatened  it.  The  discussion 
of  these  proposals  had  in  every  quarter,  inflamed  to  their 
utmost  violence  the  feelings  of  the  community.  I  thought 
then  that  Pennsylvania,  neutral  in  its  position,  yet  em 
bracing  nearly  all  the  interests  on  which  these  changes 

1  For  a  full  discussion  of  Biddle's  activities  during  the  War  of  1812  and  the 
results  of  the  Congressional  election  of  1820  cf.  sketch  of  life  by  Conrad,  R.  T.,  in 
National  Portrait  Gallery  of  Distinguished  Americans  (by  James  B.  Longacre  and 
James  Herring,  Philadelphia,  1839),  vol.  in,  pp.  8-10. 


70  James  Monroe  2  5 

would  operate,  might  usefully  interpose  its  calm  strength 
between  the  passions  of  its  neighbours,  and  by  a  course  of 
mingled  decision  and  gentleness,  reclaim  them  to  milder 
feelings  towards  each  other.  The  report  on  the  amendments 
was  hastily  drawn  in  the  midst  of  other  occupations,  and 
much  of  it  written  on  the  road  to  Harrisburgh.  It  of  course 
has  no  pretension  as  to  form.  But  if  my  recollection  does 
not  deceive  me,  its  general  tone  was  fair  and  impartial, 
it  imputed  no  unworthy  motives,  it  contained  no  phrase 
which  could  wound  even  any  member  of  that  convention, 
it  discussed  the  proposals  with  candor,  nor  was  there  the 
slightest  departure  from  that  courtesy,  which  among  in 
dependent  states,  is  at  once  the  proof  and  the  security  of 
mutual  respect.  Yet  this  paper  it  seems  has  been  the  sub 
ject  or  the  pretext  of  much  censure  upon  its  author. 

Of  all  these  things  I  have  never  complained.  I  do  not 
now  complain.  Their  singularity  has  much  oftener  tempted 
me  to  smile  at  finding  myself  reproached  not  by  the  men 
of  the  country,  for  calling  them  from  their  homes,  but 
by  the  men  of  the  city,  because  in  suddenly  raising  nine 
thousand  soldiers  for  its  defence,  I  had  been  guilty  of  ar 
ranging  them  into  classes  of  twenty-two.  It  is  right  how 
ever,  to  say  that  if  during  the  war  I  persevered  in  these 
measures  in  opposition  to  prejudices,  which  I  saw  were 
estranging  from  me  many  honest  and  amiable  citizens,  and 
if  I  have  suffered  nearly  six  years  to  pass  without  any  effort 
to  remove  them,  my  silence  has  proceeded  rather  from  a 
disregard  of  what  was  merely  personal  to  myself,  than  from 
any  insensibility  to  the  good  will  of  the  community.  I  do 
not  feel  and  I  will  not  affect  any  such  indifference.  I  have 
lived  long  enough  to  know  that  the  kindly  feelings  of  those 


26    Correspondence  of  Nicholas  Bid  die 

who  surround  us,  are  among  our  best  and  safest  enjoyments. 
But  even  that  good  will  may  be  too  dearly  purchased,  and 
I  am  quite  sure  that  the  applause  of  others,  could  never 
console  me  for  the  loss  of  my  own  esteem.  That  I  should 
have  forfeited  irretrievably,  if  at  a  season  of  great  national 
disaster,  when  not  merely  the  safety,  but  the  honor  of  the 
state  was  menaced,  when  all  the  free  institutions  of  this 
country  were  rocking  to  their  foundations,  I  should  from 
any  spirit  of  faction,  or  the  despicable  dread  of  being  what 
is  called  unpopular,  have  shrunk  from  any  one  duty  of  the 
station  in  which  your  confidence  had  placed  me.1 

NICHOLAS  BIDDLE. 

BIDDLE  TO z 

Anda.  Octr.  29.  1822 
Dear  Sir, 

I  have  received  your  letter  of  the  26th  inst.  in  rela 
tion  to  the  Presidency  of  the  Bank,  and  shall  cheerfully 
give  as  you  request  such  views  of  the  subject  as  my  service 
in  the  Bank  &  my  acquaintance  with  the  community  may 
suggest. 

If  the  Bank  were  in  a  prosperous  situation  with  an  effi 
cient  Direction  &  a  full  complement  of  experienced  officers 
the  President  might,  be  as  so  many  Presidents,  are,  a  gentle 
man  of  high  character  to  do  the  honors -of  the  Bank  with- 

1  For  a  discussion  of  the  Hartford  Convention  consult  Babcock,  K.  C.,  The 
Rise  of  American  Nationality  (New  York,  1907),  pp.  161-166. 

2  This  letter,  although  it  has  no  definite  address,  is  undoubtedly  written  to 
one  of  the  directors  of  the  Bank.  The  Biddle  Correspondence  contains  a  number 
of  letters  from  different  members  of  the  board  urging  Biddle  to  present  his  views 
on  the  qualifications  of  a  President  and  subtly  hinted  the  desirability  of  his  ap 
pearing  as  a  candidate;  and  it  is  evidently  in  reply  to  one  of  these  requests  that 
the  above  letter  was  drafted. 


27 


out  much  attention  to  its  business.  But  you  well  know  that 
the  Bank  of  the  U.S.  is  deficient  in  these  respects  and  the 
next  President  must  have  such  a  decided  influence  over 
its  management  as  very  materially  to  affect  its  future  for 
tunes.  He  should  if  possible  therefore  unite  in  his  person 
these  qualifications,  talent  for  business  —  standing  with 
the  gov*.  &  residence  in  Phila. 

1st.  I  say  talent  for  business  rather  than  what  is  commonly 
called  a  man  of  business  —  for  without  meaning  at  all  to 
disparage  the  knowledge  of  details  which  men  of  business 
are  presumed  to  possess  I  am  quite  satisfied  from  what  I 
have  myself  seen  at  the  Bank  that  the  mere  men  of  busi 
ness  are  by  no  means  the  most  efficient  in  the  administra 
tion.  The  fact  is  that  the  misfortunes  of  the  Bank  which 
grew  principally  out  of  the  injudicious  extension  of  the 
Western  Branches 1  were  actually  occasioned  by  the  men  of 
business  &  their  errors  were  precisely  the  faults  into  which 
the  men  of  business  were  most  likely  to  fall.  They  trusted 
the  Western  people  with  money  —  as  they  trusted  them 
with  goods  —  and  suffered  themselves  to  be  deluded  by 
the  visions  &  currencies  of  equalizing  exchanges  more  & 
liberal  habits  of  thinking  would  have  easily  dispelled  be 
cause  without  intending  reflections,  there  are  not  in  the 
Bank  such  a  set  of  officers  as  there  should  be  —  &  the 
personal  inspection  of  a  President  is  therefore  the  more 
necessary. 

2.  He  should  be  known  to,  &  stand  well  with  the  Govfc  — 
not  an  active  partizan  —  not  even  a  party  man  —  but  a 
man  in  whom  the  gov4  would  confide.  I  am  far  from  think- 

1  On  the  administration  of  Langdon  Cheves,  cf.  Catterall,  R.  C.  H.,  The 
Second  Bank  of  the  United  States  (1903),  chap.  in. 


28     Correspondence  of  Nicholas  Bid  die 

ing  that  the  gov1  should  have  any  direct  or  indirect  influence 
over  the  Bank  —  on  the  contrary  the  less  of  it  which  exists 
the  better  for  both.  But  the  gov4  is  a  great  stockholder  and 
a  great  customer  —  and  as  the  gov*  Directors  cannot  exer 
cise  the  same  degree  of  concert  &  previous  communication 
as  the  rest  of  the  Directors  £  stockholders  do.  It  would  be 
not  unwise  to  consult  to  a  certain  extent  the  feelings  of  the 
gov*  where  the  great  interests  of  the  Bank  may  depend  so 
much  on  its  countenance  &  protection. 
3.  His  being  a  Philadelphian  tho'  not  an  essential  is  yet 
a  desirable  circumstance.  The  Bank  has  by  a  combination 
of  circumstances  become  so  odious  in  Phila.,  that  it  is  ex 
ceedingly  difficult  as  you  well  know  to  procure  a  competent 
Direction.  There  are  certainly  all  the  materials  of  an  excel 
lent  Board,  if  they  would  consent  to  rally  round  any  one 
individual  —  and  the  character  of  the  Bank  will  wholly 
depend  on  the  local  Board,  the  Distant  Directors  are  in 
fact  from  the  very  nature  of  things  rather  ornamental  than 
useful.  Now  I  fear  that  a  stranger  would  not  easily  obtain 
the  aid  of  such  a  Board  as  ought  to  be  collected.  If  yet  such 
is  the  importance  of  that  circumstance  that  I  am  not  sure 
whether  the  wisest  plan  would  not  be  first  to  make  a  list  of 
20  Directors  &  the  best  names  of  the  City  &  then  see  under 
what  President  15  or  1  6  of  them  would  consent  to  serve  — 
and  name  him  accordingly.  .  .  . 


JOHN  C.  CALHOUN  TO  BIDDLE 

Washington  2  Decb  1822 
Dear  Sir, 

Feeling  as  I  do  deep  solicitude  in  the  prosperity  of 
the  Bank,  I  have  been  very  much  gratified  with  your  nom- 


To  John  C.  Calhoun  29 

ination  to  the  Presidency  of  that  institution  and  most  sin 
cerely  hope,  that  you  may  be  elected. 

...  If  at  any  time,  I  can  render  aid  to  the  institution,  it 
will  afford  me  much  pleasure,  and  should  you  be  elected, 
of  which  there  can  be  no  reasonable  doubt,  the  pleasure 
would  be  still  farther  advanced  by  cooperating,  as  with  the 
present  President,  with  one  for  whom  I  have  so  great  an 
esteem. 

BIDDLE  TO  JOHN  C.  CALHOUN 

Phila.  Dec1  6,  1822 
Dear  Sir, 

I  had  the  pleasure  last  night  of  receiving  your  letter 
of  the  2d  inst,  £  thank  you  with  great  cordiality  for  the 
friendly  dispositions  which  dictated  it.  The  course  which 
I  have  hitherto  prescribed  to  myself,  has  been  neither  to 
seek  nor  to  shun  a  situation  of  so  much  responsibility,  but 
if  I  am  called  to  share  in  the  administration  of  the  Bank, 
I  shall  bring  to  its  service  at  least  a  laborious  &  zealous  de 
votion  to  its  interests.  This  unfortunate  institution  has 
from  its  birth  been  condemned  to  struggle  with  the  most 
perplexing  difficulties,  yet  even  with  all  its  embarrassments 
it  has  sustained  the  national  currency  &  rescued  the  coun 
try  from  the  dominition  of  irresponsible  banks,  &  their 
depreciated  circulation.  The  time  has  perhaps  arrived  when 
it  may  combine  its  own  &  the  country's  security  with  a  more 
enlarged  development  of  its  resources  and  a  wider  extension 
of  its  sphere  of  usefulness.  To  this  object  to  which  my  own 
exertions  shall  be  anxiously  directed.  I  have  long  known  and 
appreciated  the  manly  &  decisive  services  which  you  have 
rendered  to  the  same  cause  —  &  if  I  should  see  any  occa- 


30     Correspondence  of  Nicholas  Bid  die 

sion  in  which  the  Bank  may  avail  itself  of  your  assistance  I 
shall  ask  it  with  the  same  frankness  &  sincerity  with  which 
I  now  assure  you  of  the  great  personal  respect  &  esteem  of 

BIDDLE  TO  CAMPBELL  P.  WHITE  J 

(Private)  Bank  of  the  U.S. 

Feb.  3,  1823 
Sir, 

Your  letter  of  the  2d.  inst:  has  just  reached  me.  Our 
mutual  friend  Mr.  Colt 2  has  already  apprized  me  of  the 
advantage  which  I  might  expect  from  your  confidential 
communication,  &  your  letter  satisfies  me  that  he  has  not 
overrated  the  value  of  them.  I  beg  you  to  believe  that  I  shall 
always  be  gratified  at  hearing  from  you  whenever  any  thing 
occurs  which  you  deem  interesting  and  that  I  am  perfectly 
prepared  always  to  reciprocate  your  confidence. 

It  is  my  anxious  desire  to  see  your  Office  at  the  head  of 
the  business  of  N.  York,  and  for  that  purpose  not  to  suffer 
itself  to  be  encumbered  with  state  Bank  balances,  nor  with 
more  debts  from  Southern  Offices  than  necessarily  grow 
out  of  the  receipt  of  their  paper  and  a  profitable  and  ac 
commodating  exchange  business.  The  practice  here  is  this. 
Every  morning  the  Clerks  from  this  Bank  and  the  State 
Banks  meet  and  inter  change  the  notes  received  respec 
tively  on  the  preceeding  day.  The  Balances  are  Struct  ac 
cordingly  —  but  no  Bank  ever  calculates  on  its  Balance 

1  Merchant  and  Congressman  of  New  York. 

2  Roswell  L.  Colt.  A  director  of  the  Baltimore  Branch  from  1816  to  1819. 
Colt  was  undoubtedly  the  closest  financial  adviser  of  Biddle  and  one  to  whom  the 
latter  always  referred  in  time  of  trouble.  He  was  in  touch  with  all  the  financial 
conditions  of  the  country  and  the  correspondence  shows  that  Nicholas  Biddle 
frequently  followed  his  advice  on  political  as  well  as  financial  affairs. 


70  Robert  Lenox  3 1 

remaining  for  any  length  of  time  &  whenever  it  grows  a 
little  too  large,  no  Bank  ever  hesitates  to  send  for  ten  or 
fifteen  or  twenty  thousand  dollars  from  its  debtor.  We  had 
the  other  day  a  draft  for  $25,000 —  from  one  of  our  City 
Banks  which  was  paid  as  cheerfully  &  with  as  little  sensa 
tion  as  if  it  had  been  a  check  for  $25.  Whenever  there  is  a 
draft  from  an  individual  for  Specie  to  any  amount  the  State 
Banks  are  made  to  pay  it  if  their  Balances  allow  it.  Thus  it 
goes  round  —  no  one  complains  and  every  one  is  Satisfied. 
In  truth,  it  is  only  when  these  balances  accumulate  &  re 
main  for  any  length  of  time  that  they  become  oppressive  to 
both  parties  and  excite  mutual  ill  will.  You  have  now  a  fine 
oportunity  of  establishing  and  maintaining  your  preemi 
nence  and  I  hope  anxiously  that  it  will  not  be  lost.  The  other 
subjects  of  your  letter  will  receive  an  early  attention,  but 
my  occupations  this  morning  allow  me  time  only  to  acknowl 
edge  the  receipt  of  it  thus  briefly  &  to  add  that  I  am 

BIDDLE  TO  ROBERT  LENOX  * 

Bank  of  the  United  States 
Feby.  3,  1823 

Sir, 

.  .  .  The  view  which  I  have  of  the  true  policy  of  the 
Bank  is  this.  We  have  had  enough  &  more  than  enough  of 
banking  in  the  interior.  We  have  been  crippled  &  almost 
destroyed  by  it.  It  is  time  to  concenter  our  business  —  to 
bank  where  there  is  some  use  &  some  profit  in  it,  and  there 
fore  (while  anxious  to  do  business  in  the  interior  the  mo- 

1  Robert  Lenox,  one  of  the  foremost  merchants  of  New  York,  was  a  trusted 
adviser  of  Biddle.  Cf.  Life  in  Wilson,  James  G.,  Memorial  History  of  New  York 
(New  York,  1893),  vol.  iv,  p.  417. 


3  2     Correspondence  of  Nicholas  Biddle 

ment  there  is  clear  prospect  of  doing  it  usefully  &  safely) 
to  make  at  present  the  large  commercial  Cities  the  principal 
scene  of  our  operations.  With  this  impression  my  object  is 
to  give  to  the  Office  at  New  York  the  command  of  the  busi 
ness  of  N.  York  —  to  make  it  the  first  banking  institution 
there.  To  this  it  is  entitled  from  its  Capital  its  resources, 
and  the  character  of  its  Direction.  But  it  never  can  have  the 
power  which  it  ought  to  possess,  if  it  suffers  itself  to  be 
crowded  out  of  its  proper  sphere  by  the  State  Banks  & 
to  be  constantly  preyed  upon  by  them.  It  would  be  de 
sirable  too  that  it  should  keep  its  means  as  much  as  pos 
sible  to  itself  —  except  what  may  be  necessary  for  profit 
able  exchange  operations,  &  as  far  as  possible  avoid  having 
large  balances  from  Southern  Offices.  .  .  . 

BIDDLE  TO  DAVID  SEARS  * 

Philad3  Jany  5th  1824 
My  Dear  Sir 

The  frequent  experience  which  we  have  had  of  your 
liberality  and  your  attachment  to  the  interest  of  the  Bank, 
has  induced  us  to  take  a  liberty  which  I  persuade  myself 
you  will  not  disapprove.  Since  the  Presidency  of  the  Office 
at  Boston  has  passed  out  of  the  political  family  where  it  has 
been  so  long,  there  has  been  a  feeling  of  disquiet  at  the  cir 
cumstance,  increased  by  the  political  cast  of  a  great  ma 
jority  of  the  Board.  These  are  considerations,  which  situ 
ated  as  we  are  we  cannot  wholly  overlook,  that  they  shall 
never  be  permitted  to  interfere  with  more  important  mat 
ters.  Still  in  the  effort  to  attract  towards  the  Bank  the  good 

1  Sears,  David,  a  wealthy  Bostonian.  Winsor,  Justin,  A  Memorial  History  of 
Boston  (Boston,  1883),  vol.  iv,  p.  657. 


To  David  Sears  3  3 

wishes  of  the  country  at  large  it  is  desirable  whenever  a 
safe  opportunity  presents  itself,  of  assuaging  feelings  which 
may  hereafter  grow  into  hostility,  to  take  advantage  of  it. 
During  the  present  year  our  two  directors  from  your  state 
are  both  of  the  same  political  denomination  and  as  the 
President  of  the  Office  is  now  of  that  section  also  it  is 
thought  well  to  give  to  their  political  opponents,  if  indeed 
they  can  be  so  called,  a  larger  share  in  the  administration. 
This  we  have  done  by  substituting  Mr  Crowninshield,1 
for  Mr.  Mason.2  To  the  latter's  gentleman  his  seat  at  this 
Board  is  I  presume  an  object  of  indifference,  as  his  high  stand 
ing  and  character  place  him  beyond  the  reach  of  wishing  a 
mere  compliment,  and  his  occupations  prevent  his  personal 
attendance.  Mr  Crowninshield  is  a  gentleman  of  character, 
a  large  Stockholder,  and  he  will  now  visit  us  necessarily 
twice  a  year.  Under  these  circumstances,  Gen1  Cadwal- 
ader 3  and  myself  have'  thought  it  was  for  the  interest  of 
the  Bank  to  make  the  change,  and  we  have  relied  on  the 
good  feelings  of  yourself  and  Mr  Mason  to  understand,  and 
appreciate  our  motives.  To  that  gentleman,  whom  I  have 
not  the  pleasure  of  knowing  personally,  I  trust  you  will  be 
good  enough  to  explain  the  reasons  of  this  change,  which  in 

1  A  rich  merchant  and  literary  man  of  Boston.  Cf.  sketch  of  life  in  Winsor, 
Justin,  A  Memorial  History  of  Boston,  vol.  iv,  p.  293. 

2  A  great  lawyer,  formerly  senator  from  New  Hampshire.  Dean  of  Harvard 
Law  School.  Ibid.,  vol.  iv,  p.  598. 

3  Soldier  and  lawyer.  Brigadier-General  of  volunteers  in  Mexican  War.  Placed 
in  command  of   Baltimore  during  the  semi-revolt  at  the  time  of  the  Civil 
War.  In  1862  commissioned  Major-General  and  one  of  the  board  to  revise  mili 
tary  laws  and  regulations  in  the  United  States.  One  of  Biddle's  most  trusted 
advisers.  Cf.  Appleton,   Cyclopaedia,  and  Simpson,  Henry,  The  Lives  of  Eminent 
Philadelphia™  (Philadelphia,  1859),  pp.  168-170.  For  Cadwalader's  relations  with 
President  Jackson,  cf.  Bassett,  J.S.,   The  Life  of  Andrew  Jackson  (New  York, 
1911),  vol.  II,  pp.  404,  590,  59i.  6l7- 


34    Correspondence  of  Nicholas  Biddle 

truth  has  been  occasioned  by  our  perfect  conviction,  that 
in  the  endeavor  to  reconcile  conflicting  interests  we  have 
some  right  to  claim  and  are  sure  of  receiving,  the  indul 
gence  of  such  gentlemen  as  Mr  Mason  and  yourself. 

BIDDLE  TO  COLONEL  GEORGE  GIBBS  * 

Phila.  March  15,  1825 
My  dear  Sir, 

I  have  just  received  your  favor  of  the  I4th  inst.  and 
regret  much  that  it  will  not  be  in  my  power  to  negotiate 
the  note  you  have  forwarded,  which  is  therefore  returned 
to  you  herewith.  Since  my  connection  with  the  Bank  I 
have  been  obliged  to  make  it  an  invariable  rule  not  to  be  a 
borrower  from  the  Bank  itself  —  and  not  to  be  an  indorser 
on  notes  discounted  either  there  or  in  other  institutions. 
To  this  I  have  on  principle  adhered,  to  the  prejudice  of  my 
own  interest,  from  a  conviction  that  situated  as  I  am,  it 
was  in  all  respects  proper.  I  should  feel  more  unwilling  to 
act  on  it  upon  the  present  occasion  if  I  did  not  know  that 
it  would  not  incommode  you  as  you  will  find  no  difficulty 
in  making  the  arrangement  elsewhere.  .  .  . 

BIDDLE  TO  ISAAC  LAWRENCE  ESQR.  2 

Bank  of  the  United  States 
April  22nd  1825. 

Sir 

Allow  me  again  to  invite  your  attention  to  the  sub 
ject  of  turning  the  balances  with  the  State  Banks,  in  your 

1  Literary  man.  Cf.  Wilson,  op.  cit.,  vol.  iv,  p.  417. 

2  President  of  Branch  of  United  States  Bank  in  New  York.  Cf.  Lamb,  Mrs. 
Martha  J.,  History  of  the  City  of  New  York  (New  York,  1881),  vol.  n,  p.  520. 


To  Isaac  Lawrence  3  5 

favor  by  bringing  your  discounts  within  your  income.  In 
the  midst  of  the  speculations J  which  are  abroad,  combined 
with  the  demands  for  specie,  prudence  requires  that  we 
should  keep  within  reasonable  limits,  and  that  under  all 
circumstances,  and  at  all  hazards  the  Bank  should  keep 
itself  secure  and  strong.  Since  the  i8th  of  March  when 
I  wrote  to  you  on  the  subject  of  your  ability  to  do  busi 
ness  paper  falling  due  on  or  about  the  Ist  of  July,  your 
discounts  have  increased  about  $700,000,  a  fair  addition 
to  your  business  which  would  be  attended  with  no  incon 
venience  did  not  an  extraordinary  demand  for  Specie  which 
has  arisen  render  the  extension  more  hazardous  by  expos 
ing  you  to  calls  for  Specie  against  which  every  considera 
tion  of  prudence  requires  you  to  guard.  It  is  no  doubt  very 
unpleasant  and  even  painful  to  decline  good  business  paper, 
but  you  have  already  by  so  large  an  increase  of  your  dis 
counts  contributed  your  full  share  to  the  public  accomoda- 
tion  —  and  beyond  a  certain  limit  the  convenience  of  the 
customers  of  the  Bank  however  desirable  it  may  be  to  pro 
mote  it  is  only  a  secondary  consideration  when  there  is  the 
slightest  risk  that  by  pushing  the  spirit  of  accomodation  as 
to  require  a  sudden  reduction,  which  would  more  than  over 
balance  the  facilities  to  a  few  individuals  which  had  occa 
sioned  it.  In  the  present  state  of  the  office  the  true  course 
I  think  is,  to  turn  over  as  quietly  as  possible  to  the  other 
Banks,  any  demand  which  you  cannot  supply  —  to  let  the 
diminution  of  your  discounts,  and  the  public  revenue  as  it 
accumulates  turn  the  scale  in  your  favor  with  the  other 

1  The  first  great  test  of  Biddle's  policy  as  President  of  the  Bank  came  during 
the  crisis  of  1825;  and  largely  owing  to  his  foresight  and  policy,  as  shown  in  the 
above  letter,  the  institution  and  the  nation  were  able  to  weather  the  storm.  For 
a  complete  discussion  of  this  topic,  cf.  Catterall,  op.  cit.,  pp.  106-108. 


36     Correspondence  of  Nicholas  Eiddle 

Banks,  and  then  not  to  make  sudden  or  very  rigid  demands 
on  them  for  Specie  when  you  feel  satisfied  that  you  can 
claim  your  balances  the  moment  they  are  wanted.  By  pur 
suing  such  a  system  you  will  I  hope  soon  be  able  to  regain 
your  ascendency  over  the  State  institutions  without  risk  or 
inconvenience. 

BIDDLE  TO  ISAAC  LAWRENCE 

Bank  of  the  United  States 

May  12th  1825 
Dear  Sir 

I  again  observe  with  pleasure  your  proceedings  of 
yesterday.  Everything  will  go  as  we  could  wish  if  we  have 
but  the  firmness  to  withstand  the  solicitations  of  persons 
whose  wants  or  whose  interest  overcome  every  other  con 
sideration.  Our  first  duty  is  to  take  care  of  the  Bank,  and 
at  the  present  moment  of  wild  and  exaggerated  specula 
tion  if  we  suffer  ourselves  to  be  borne  away  by  the  cur 
rent,  if  we  do  not  on  the  contrary,  like  sober  and  prudent 
men,  resist  alike  the  entreaties  or  the  clamors  of  individuals 
we  shall  betray  our  trust.  You  are  doing  now  perfectly  well. 
Let  us  not  by  the  hope  of  doing  better  or  getting  more  busi 
ness  risk  the  prosperity  and  safety  of  the  institution.  .  .  . 

BIDDLE  TO  ROBERT  LENOX 

Phila.  June  24,  1825 
Dear  Sir, 

.  .  .  The  truth  is  simply  this.  The  Bank  is  doing  very 
well.  During  my  connection  of  six  years  with  it,  I  have 
never  seen  its  affairs  in  so  satisfactory  a  state,  as  at  the 
present  moment.  It  will  have  certainly  have  earned  during 


From  Walter  Bowne  37 

the  last  six  months  more  than  three  per  cent.  But  then  I  am 
clearly  of  opinion  that  we  should  never  advance  our  rate 
of  dividend,  till  we  are  perfectly  satisfied  that  we  will  never 
have  occasion  to  diminish  it.  In  Jany.  1823,  we  began  with 
out  one  dollar  in  our  pockets  —  and  we  have  been  trying 
ever  since  to  accumulate  a  fund  in  reserve,  so  as  to  equalize 
our  dividends.  You  may  be  very  sure  of  two  things :  in  the 
first  place  that  no  determination  with  regard  to  the  next 
Dividend  has  been  generally  formed,  &  in  the  second  place 
that  whatever  that  Dividend  may  be  the  succeeding  divi 
dend  will  be  at  least  as  much.  .  .  . 

WALTER  BOWNE  *  TO  BIDDLE 

(Privaf)  New  York  June  28,  1825 

Dear  Sir 

...  A  foolish  report  has  been  going  about  that  a 
combination  of  persons  who  have  obtained  an  influence  in 
several  of  our  local  moneyd  institutions  have  commenced 
an  arrangement  to  attack  the  USB,  obtain  votes  and 
effect  a  change  in  the  direction  the  thing  in  my  mind  is 
altogether  preposterous  —  that  is  as  to  success  one  favorite 
argument  with  them  to  weak  stockholders  is  a  promise  of 
better  dividends. 

P.S.  some  increase  of  div'd.  at  this  time  in  the  opinion  of 
many  of  our  best  friends  will  most  materially  subserve  the 
best  interest  of  the  Bank.2 

1  Mayor  of  New  York  1828-1833.  A  descendant  of  the  well-known  and  highly 
estimable  Quaker  family  of  the  Bownes  of  Flushing,  Long  Island.  Engaged  in  the 
hardware  business.  Wilson,  op.  cit.,  vol.  ill,  p.  338. 

2  A  combination  had  been  formed  to  remove  Diddle  on  account  of  his  re 
fusal  to  increase  the  dividends.  However,  the  affair  came  to  nothing,  but  Biddle 
finally  agreed  to  pay  i\  per  cent. 


3  8     Correspondence  of  Nicholas  Biddle 

BIDDLE  TO  JAMES  LLOYD 

Jany.  23,  1826 
My  dear  Sir, 

...  If  there  be  any  one  principle  upon  which  we 
have  acted,  with  the  most  fastidious  care,  it  is,  to  treat  the 
State  authorities  with  the  greatest  respect,  and  in  all  our 
intercourse  with  them  to  blend  the  utmost  perseverance  in 
asserting  the  rights  of  the  Bank,  with  the  utmost  courtesy 
to  all  who  opposed  them.  .  .  . 

BIDDLE  TO  DANIEL  WEBSTER 

Philadelphia  Feby.  16,  1826 
My  dear  Sir, 

...  I  have  no  doubt  that  we  could  at  once  give  to 
the  Southern  &  Western  sections  of  the  country  two  or  three 
millions  of  sound  &  useful  circulating  medium  if  we  could 
sign  that  amount  of  5  &  10  dollars.  But  to  make  two  mil 
lions  of  five  dollar  notes,  it  would  be  necessary  to  sign  my 
name  40x3,000  times,  which,  to  a  person  whose  time  is  & 
must  be  absorbed  during  the  day  by  the  duties  of  his  sta 
tion,  is  wholly  impracticable.  The  application  for  this  pur 
pose  was  made  to  Congress  some  years  ago,  but  it  was  ac 
companied  by  a  request  that  Congress  would  alter  the 
Charter  so  as  to  prevent  the  universal  receivability  of  the 
notes.  This  I  am  satisfied  from  experience,  as  I  was  at  the 
time  from  theory,  is  not  desirable;  &  all  that  the  Bank  now 
wants  is,  that  it  may  carry  into  execution  a  purpose  useful 
alike  to  itself  &  to  the  community,  by  assisting  in  the  dif 
fusion  of  a  wholesome  currency.  I  wish  therefore  to  consult 
you  as  to  the  best  mode  of  presenting  that  subject  to  Con- 


To  John  Me  Kim  ^  Jr.  39 

gress.  I  have  been  for  three  years  past  so  anxious  to  keep 
the  Bank  out  of  view  in  the  political  world  &  bring  it  down 
to  its  true  business  character  as  a  Counting  House,  that  I 
have  been  very  reluctant  to  apply  to  Congress  for  anything. 
...  I  believe  it  to  stand  better  with  Congress  than  it  did 
some  time  ago,  but  the  political  odour  of  sanctity  is  very 
evanescent  &  if  our  purpose  can  be  obtained  without  bring 
ing  on  two  weeks  debate  upon  the  constitutionality  of  the 
Bank,  the  usurpations  of  the  Supreme  Court,  &  omni  scibile 
&  quibusdem  aliis,  it  would  be  a  great  satisfaction.  .  .  .  1 

BIDDLE  TO  JOHN  McKiM,  JR.  ESQ. 

Philada.  March  14th  1826 
My  dear  Sir, 

.  .  .  With  regard  to  our  late  arrangements,  they  are 
simply  these.  It  has  been  impossible  hitherto  while  the  offi 
cers  of  the  Bank  were  so  fully  occupied  with  local  duties  to 
know  as  much  as  was  necessary  of  a  great  many  matters  of 
the  highest  importance.  For  instance  we  have  nearly  two 
millions  of  real  estate  besides  Banking  houses,  &  we  have 
about  nine  millions  of  old  &  new  suspended  debts.  You 
know  how  apt  real  estate  &  bad  debts  are  to  suffer  for  the 
want  of  looking  after  after.  We  therefore  appointed  an  offi 
cer  here  to  take  care  of  those  two  concerns.  Again,  we  have 
never  had  a  sufficient  knowledge  of  the  accounts  between 
the  officers.  It  was  thus  that  West  the  Cashier  of  New  Or 
leans  was  enabled  to  defraud  the  Bank  of  $20,000  —  we 
wish  to  examine  these  accounts,  &  we  wish  also  to  have  our 

1  This  is  the  earliest  mention  of  one  of  Biddle's  most  important  innovations. 
Draft  notes  were  adopted  in  1827  and  were  first  issued  in  June,  1827.  Cf.  Catterall, 
op.  cit.,  p.  119. 


40    Correspondence  of  Nicholas  Eiddle 

Exchange  business  particularly  well  managed.  We  have 
therefore  appointed  another  Officer  for  those  two  pur 
poses.  With  a  view  to  attract  gentlemen  of  first  rate  abil 
ities,  as  the  salaries  are  low  ($2500  for  one  &  $2,200  for 
the  other)  we  have  called  them  not  Clerks  but  Assistant 
Cashiers.  .  .  . 

BIDDLE  TO  GENERAL  JOHN  P.  BOYD  1 

Philada.  Nov  23d  1826 
My  Dear  Sir, 

I  have  had  the  pleasure  of  receiving  your  letter  of 
the  1 8th  inst  which  revived  a  great  many  agreeable  recol 
lections.  In  regard  to  the  establishment  of  a  Branch  at  Port 
land  nothing  is  as  yet  decided  but  should  it  take  place  the 
policy  of  the  Bank  has  been  in  the  appointment  of  confi 
dential  Officers  to  live  at  a  distance  and  to  execute  such 
important  trusts  to  take  in  preference  Officers  brought  up 
in  the  Bank  under  our  own  eye  whose  character  &  conduct 
are  known  to  us  and  afford  the  best  guarantee  of  their  ca 
pacity  to  carry  into  effect  the  system  of  the  Bank  with  which 
they  are  familiar.  I  have  long  been  satisfied  that  this  is  the 
true  policy  of  the  Bank  and  I  think  it  will  be  pursued  in  case 
a  Branch  is  established  at  Portland.  The  observation  applies 
of  course  only  to  the  Cashier.  The  other  Officers  are  appointed 
by  the  Directors  of  the  Branch.  This  is  all  that  I  can  say  at 
present  and  although  it  would  be  more  agreeable  to  me  per 
sonally  to  offer  to  your  nephew  more  favorable  prospects  yet 
this  candid  explanation  is  due  to  you.2 

1  A  free  lance  and  soldier  of  fortune,  Cf.  Appleton,  Cyclopaedia. 
9  This  letter  shows  Biddle's  insistence  upon  promotion  by  merit  rather  than 
through  political  influence. 


70  Daniel  Webster  41 

BIDDLE  TO  JAMES  CROMMELIEU  1 

Philaa.  May  7,  1827 
Dear  Sir, 

.  .  .  With  a  view  to  secure  the  best  talents  in  its  serv 
ice  &  to  reward  the  meritorious  officers,  the  rule  of  the  Bank 
is  that  whenever  any  vacancy  occurs  it  is  rilled  by  promo 
tion,  &  the  person  last  introduced  takes  his  place  at  the  foot 
of  the  list,  &  is  gradually  advanced  if  found  deserving.  The 
salary  of  the  Officers  on  their  first  entrance  into  the  Bank  is 
seven  hundred  dollars  ($700)  a  year.  A  comparatively  small 
compensation,  but  as  it  is  known  to  lead  to  more  lucrative 
situations,  it  is  sufficient  to  attract  to  the  service  of  the  Bank 
a  great  number  of  applicants  of  respectability.  When  a  va 
cancy  takes  place  a  selection  is  made  from  these  by  a  ballot 
at  the  Board  —  in  which  I  of  course  participate  as  one  of  the 
members  merely.  At  present  there  is  no  vacancy.  It  is  impos 
sible  however  to  say  how  soon  there  may  be  one  —  and  if  you 
think  it  desirable  after  what  I  have  stated  to  come  into  the 
Bank  I  would  recommend  this  course.  .  .  . 

BIDDLE  TO  DANIEL  WEBSTER  ESQR 

Bank  of  the  United  States 

(private}  June  29th  1827 

My  Dear  Sir 

In  consequence  of  your  letter  I  wrote  to  the  proper 
source  suggesting  the  gentleman  mentioned  by  you  and 
have  this  morning  an  answer  of  which  the  following  is  an 
extract. 

"  In  regard  to  the  appointment  of  Mr it  is  well  known 

1  Cashier  of  Brooklyn  Bank.  American  Almanac,  1836-1837,  p.  14. 


42     Correspondence  of  Nicholas  Biddle 

"here  that  he  is  in  embarrassed  circumstances  and  his  notes 
"now  in  the  Bank  are  considered  discounted  on  one  name, 
"which  however  is  unquestionably  good.  Repeated  efforts 
"have  been  made  to  obtain  an  additional  name,  in  which  we 
"have  failed.  It  is  with  much  inconvenience  he  meets  even 
"his  check  of  10  per  cent  and  his  note  for  $3330  has  recently 
"passed  the  Board  for  the  same  amount  (now  under  protest) 
"on  condition  of  his  paying  20%  on  the  next  renewal.  Under 
"these  circumstances  however  happy  I  should  otherwise  be 
"  to  have  him  attached  to  the  Board,  I  cannot  at  present  con- 
"sistently  recommend  him  for  a  Director."  This  presents  a 
strong  case.  Obliged  as  we  are  to  look  at  the  pecuniary  side  of 
men's  characters,  to  be  in  embarrassed  circumstances  and  to 
be  even  under  protest,  are  deemed  disqualifications  for  sitting 
at  the  Board  which  must  decide  on  his  own  applications  for 
loans.  It  is  probable  that  you  are  not  aware  of  these  facts  and 
I  mention  the  subject  thus  early,  so  that  in  case  you  wish  to 
make  any  further  remarks  on  it,  they  may  be  in  time  for  the 
election  on  the  1 1  th  of  next  month.  I  will  only  add  that  as  the 
letter  to  me  is  in  the  most  entire  confidence,  you  will  con 
sider  it  in  the  same  manner.  I  should  particularly  regret  that 
your  correspondent  knew  the  source  of  the  objection  as 
it  might  excite  personal  hostility  towards  a  very  worthy 
man.  .  .  . 

BIDDLE  TO  CAMPBELL  P.  WHITE  ESQR. 

Bank  of  the  United  States 

Novr.  27,  1827 
Dear  Sir 

...  I  thank  you  for  the  suggestion  in  regard  to  the 
political  character  of  the  Board  These  are  considerations 


From  John  Sergeant  43 

which  tho'  secondary  are  not  to  be  overlooked  and  while  I 
would  not  go  out  of  the  way  to  seek  for  that  object  among 
persons  entirely  equal  in  other  respects,  it  would  due 
weight.1 

JOHN  SERGEANT  2  TO  BIDDLE 

Washington  Dec1.  13,  1827 
Dear  Sir, 

Tomorrow's  paper  will  give  you  a  resolution  intro 
duced  to  day  by  Mr.  Barbour,  and  the  remarks  with  which 
he  accompanied  it,  instructing  the  ComnV*.  of  Ways  and 
Means  to  enquire  into  the  expediency  of  selling  the  Gov13. 
stock  in  the  Bank.  It  ought  to  have  been  decided  at  once, 
and  I  think  might  have  been,  but  before  I  could  get  the  floor, 
a  motion  was  made  to  lay  it  on  the  table  which  supersedes 
debate.  I  believe  it  will  be  rejected.  In  the  mean  time,  however, 
it  will  do  some  mischief,  and,  if  considered  as  the  beginning  of 
an  attack,  lead  to  permanent  distrust  in  the  stability  of  the 
institution  which  will  somewhat  enfeeble  it.  The  motion  will 
have  the  effect,  too,  of  putting  the  Bank  among  the  topics 
to  be  handled  by  those  who  are  seeking  popularity.  I  am 
sorry  for  it. 

I  have  never  heard  a  word  about  our  cause,  from  which  I 
am  afraid  there  was  nothing  pleasant  to  say. 

1  The  Bank  was  not  impervious  to  the  need  of  political  balance  as  indicated 
in  the  above. 

1  Representative  from  Pennsylvania.  Sergeant  was  one  of  the  closest  friends 
of  Biddle  and  one  upon  whom  the  latter  often  relied  in  political  controversies.  For 
a  full  discussion  of  Barbour's  attack,  cf.  Cong.  Debates,  vol.  iv.pt.  i,  pp.  815,  843, 
854,  858. 


44    Correspondence  of  Nicholas  Biddle 


EDWARD  EVERETT  *  TO  BIDDLE 

H.  of  Representatives 

13  Decr.  '27 
My  dear  Sir, 

A  proposition  was  this  day  submitted  by  Mr.  P.  P.  Bar- 
bour 2  to  sell  the  bank  stock  of  the  United  States,  or  rather 
to  make  such  sale  the  subject  of  Enquiry  by  the  Com1  of 
Ways  &  Means.  The  proposition  was  ably  opposed  by  Messers 
McDuffie  3  &  Gorham,4  and  was  laid  on  the  table.  Mr.  Bar- 
bour  will  probably  bring  it  up  again.  Pray  let  me  know  (in 
addition  to  the  obvious  considerations  on  this  matter  ably 
Stated  by  Mr  Gorham)  what  you  would  wish  to  have  Said 
about  it. 

BIDDLE  TO  CHURCHILL  C.  CAMBRELENG  5 

Phila.  Decr.  16,  1827 
Dear  Sir, 

...  I  wish  Mr  B arbour  had  introduced  his  motion  at 
some  other  time  for  just  now  it  is  particularly  inconvenient. 
I  need  not  tell  the  Chairman  of  the  Com.  of  Commerce  that 
for  the  last  four  or  five  months  the  course  of  trade  and  ex 
change  has  carried  off  a  great  part  of  the  specie  fund  of  the 
country  &  that  the  Banks  may  probably  be  obliged  to  defend 
themselves  by  diminishing  their  accomodations  to  the  Com 
munity  which  is  you  know  the  ultimate  remedy.  But  it  is 

1  Representative  from  Massachusetts. 

2  Representative  from  Virginia. 

3  George  McDuffie  (1788-1851).  One  of  the  most  brilliant  of  South  Carolina 
leaders.    For  life,  cf.  O'Neall,  Bench  and  Bar  of  South  Carolina,  vol.  n,  pp. 
463-468. 

4  Representative  from  Massachusetts. 
8  Representative  from  New  York. 


John  TV.  Barney  to  Colt         45 

sometimes  a  severe  one.  We  have  been  striving  to  avoid  it 
by  very  large  sales  of  bills  which  yet  do  not  supply  the  de 
mand.  Just  at  this  moment  it  happened  very  luckily  that  the 
quotations  of  the  Bank  Stock  in  England  were  such  as  to  show 
that  remittance  of  it  would  be  as  good  as  specie  calculating 
the  present  rate  of  exchange  &  the  price  of  £5.10  in  London. 
Accordingly  large  remittance  of  Stocks  were  contemplated 
the  effect  of  which  would  have  been,  besides  the  profit  to  our 
citizens  to  furnish  an  amount  of  exchange  which  would  re 
lieve  by  so  much  the  pressure  on  the  Banks  by  specie.  I  think 
that  a  million  of  dollars  would  have  taken  that  direction  in  a 
week  or  two  &  would  have  afforded  real  relief.  The  proposal 
to  sell  7  millions  of  course  destroys  all  chance  of  a  sale  in  Eng 
land  at  present  prices.  Nor  is  this  all.  For  if  the  foreign  Stock 
holders  should  take  the  alarm  &  throw  their  stock  into  the 
market  here  it  would  create  a  new  demand  for  exchange  to 
remit  the  proceeds,  &  thus  increase  the  pressure  on  the  Banks. 
Whatever  be  the  decision  of  Congress  it  is  desirable  that  it 
should  be  soon  made. 

JOHN  W.  BARNEY  1  TO  COLT 

Washington  December  i8th  1827 
My  Dear  Sir 

Mr  Barbour's  resolution  has  been  so  generally  repro 
bated  by  every  intelligent  member  of  the  House,  that  I 
doubt  whether  he  would  willingly  consent  to  have  it  called 
up  again,  but  as  you  are  of  opinion  that  it  is  desirable  to  have 
it  finally  disposed  of  I  will  as  soon  as  he  returns  from  Vir 
ginia  press  a  decision  on  the  subject. 

1  Representative  from  Maryland,  1825-1829. 


46    Correspondence  of  Nicholas  Biddle 

ROSWELL  L.  COLT  TO  BIDDLE 

Bal.  20  De  1827 
Dear  Biddle 

I  send  You  a  Letter  I  have  recd  from  Barney  on  the 
subject  of  Barbours  resolution  —  to  day  a  Member  called  on 
me  to  whom  I  had  written  about  it.  he  said  that  Cale  Dray- 
ton,  &  Mr  McDuffie  both  assured  him  the  moment  Barbour 
returned  they  would  have  it  called  up  &  finally  disposed  of. 
Mr  Sargent  who  has  gone  to  Harrisburg  requested  to  have  it 
suspended  until  his  return,  but  that  since  the  Public  mind 
was  so  agitated  they  should  not  wait  but  act  on  it  at  once  & 
probably  its  fate  would  be  decided  to  day. 

CHURCHILL  C.  CAMBRELENG  TO  BIDDLE 

Washn.  20  Decr.  1827 
Dear  Sir, 

I  hope  you  will  not  let  Mr  Barbour  resolution  disturb 
you. 

It  will  be  put  at  rest  by  a  large  majority  —  the  debate 
will  be  of  service  to  the  Bank. 

JOSEPH  GALES,  JR,  *  TO  BIDDLE 

Washington,  Dec.  21.  1827 
Dear  Sir 

•»  I  beg  leave  to  congratulate  you  and  the  country  on  the 
decisive  &  overwhelming  defeat  of  Mr  P.  P.  Barbour's  mo 
tion  directly  proposing  a  sale  of  the  U.S.  Bank  Shares. 

As  it  has  thus  terminated,  it  is  fortunate  that  it  was  made, 
and  made  from  so  really  respectable  &  disinterested  a  Source. 

1  Co-editor  of  National  Intelligencer  with  his  brother-in-law  William  W.  Seaton. 


20  George  McDuffie  47 

I  consider  this  vote  as  definitively  settling,  in  advance  of  its 
agitation,  the  question  of  the  renewal  of  the  charter,  as  well 
as  the  subordinate  question  to  which  it  [is]  more  immediately 
related.  All  my  fear,  now  is  that  the  Stock  will  again,  as 
once  it  has  before,  mount  too  rapidly;  a  consequence  of  the 
late  decision  which  I  trust,  if  it  appear  probable,  the  Mother 
Bank  will  occasionally  check  by  throwing  into  Market  por 
tions  of  the  Stock  which  it  holds  itself  or  can  control. 

BIDDLE  TO  GEORGE  McDurriE 

Phil3.  Decr.  26.  1827 
Dear  Sir, 

Whilst  the  resolution  of  Mr  Barbour  was  under  con 
sideration  I  forbore  to  intrude  on  you  with  any  observation  in 
regard  to  it,  because  I  was  aware  that  I  could  add  nothing 
either  to  your  knowledge  of  the  subject  or  your  disposition  to 
do  it  ample  justice.  The  decision  of  the  question  leaves  me  at 
liberty  to  enjoy  the  pleasure  which  I  cannot  refrain  from  in 
dulging  —  of  expressing  the  high  gratification  felt  through 
out  the  community  at  the  great  promptness  &  ability  which 
have  distinguished  your  course  on  this  occasion.  They  who 
are  directly  interested  in  the  result  have  naturally  strong 
sentiments  of  gratification  to  one  who  has  averted  from  them 
a  great  calamity;  but  there  is  a  more  numerous  &  impartial 
class  of  spectators  of  public  affairs  who  are  delighted  in  re 
cognizing  among  our  public  men,  enlarged  &  statesmanlike 
views  of  the  great  interests  of  the  country,  unbiased  by  local 
&  sectional  prejudices.  To  such  of  these  you  have  given  un- 
mingled  satisfaction  —  and  you  have  added  largely  to  the 
number  of  your  fellow  citizens  who  will  watch  your  advance 
ment  with  the  most  friendly  solicitude.  I  know  that  you  do 


48    Correspondence  of  Nicholas  Biddle 

not  require  the  stimulous  of  applause  to  do  your  full  duty 
to  the  country;  but  no  public  man  need  be  indifferent  to  pub 
lic  gratitude  if  it  be  earned  by  public  services,  —  and  this 
you  may  well  receive,  because  it  is  well  deserved.  I  tell  You 
that  no  one  has  been  more  sensible  of  the  value  of  this  exer 
tion  of  your  abilities  not  merely  to  the  institution  but  to  the 
country  than 

BIDDLE  TO  JOHN  POTTER  J 

Phila.  Jan?  7,  1828 
Dear  Sir 

.  .  .  We  might,  you  perceive,  have  increased  the  divi 
dend,  but  we  did  not  like,  after  the  recent  proceedings  in  Con 
gress  to  have  the  air  of  straining  our  profits  for  the  sake  of 
appearances  —  and  thought  it  better  to  stop  far  within  our 
limits.  This  course  I  think  you  would  approve. 

The  motion  of  Mr  Barbour  has,  we  think  been  serviceable 
to  the  Bank.  .  .  . 

HENRY  CLAY  2  TO  BIDDLE 

(Private)  Wash  n.  28*.  May  1828 

My  dear  Sir 

You  may  have  observed  in  the  Telegraph  of  the  20*. 
inst.  an  article,  taken  from  a  K.  paper,  in  which  a  formidable 
array  of  my  mortgages  and  debts  is  made  with  a  view  of  mak 
ing  me  out  a  bankrupt.  Among  the  mortgages  are  two,  one  to 
the  Bank  of  the  U.S.  to  secure  payment  of  $22,000,  and  the 
other  to  J.  Harper  Cashr.  &c  to  secure  payment  of  $1666:66. 

1  Trusted  adviser  of  Biddle  with  Robert  Patterson  at  Charleston.   In  1824 
moved  to  Princeton,  New  Jersey.  Cf.  Hageman,  John  F.,  History  of  Princeton 
(Philadelphia,  1879),  vol.  I,  pp.  313,  314. 

2  Secretary  of  State  in  the  Cabinet  of  John  Quincy  Adams. 


From  Henry  Clay  49 

The  latter  is  wholly  discharged.  Of  the  former  debt  all  is 
paid  but  about  $4000  to  meet  which  there  is  deposited  with 
the  Lexington  office  paper  payable  to  me,  and  which  becomes 
due  this  fall.  I  have  every  reason  to  anticipate  its  punctual 
payment,  and  thus  the  entire  extinction  of  the  mortgage.  The 
truth  is  that  my  private  affairs,  materially  affected  by  a  re 
sponsibility  I  incurred  about  ten  years  ago,  as  indorcer,  have 
been  in  a  state  of  progressive  improvement  since,  and  now 
stand  better  than  they  have  done  during  any  portion  of  that 
time.  They  are  such  that,  if  I  were  to  die  tomorrow,  my  re 
sources  are  abundant  to  meet  all  my  engagements,  and  to 
leave  my  family  comfortable. 

I  have  thought  it  might  be  benefitial  to  me  if  you  would 
cause  a  paragraph  to  be  unveiled,  in  some  paper  in  your 
City,  making  concisely  the  above  statement  in  regard  to  the 
two  mortgages,  or  simply  saying  that  a  small  balance  only 
is  due  on  the  large  mortgage  which  paper  is  in  deposit  to 
meet  this  fall,  and  that  the  small  one  is  discharged.  It  would 
be  no  more  than  an  act  of  justice  to  add  that,  in  all  my  rela 
tions  with  the  bank,  I  have  practised  the  greatest  fidelity  to 
my  engagements;  and  that  whilst  most  of  your  Western 
debtors  have  been  allowed  to  pay  off  their  debts  in  property, 
no  such  easement  was  ever  extended  or  asked  by  me.  I 
presume  the  returns  from  the  office  at  Lexington  are  such 
as  to  admit  of  the  insertion  of  such  a  paragraph  which 
might  be  signed  by  yourself  or  Mr.  M'llvaine,1  or  be  pub- 

1  Assistant  Cashier  of  the  Bank.  Mcllvaine  was  a  special  friend  of  Biddle  and 
often  rendered  him  very  valuable  services.  It  was  largely  owing  to  his  management 
that  the  Bank  of  the  United  States  secured  its  charter  as  a  State  Bank  from  Penn 
sylvania  in  1836.  Cf.  sketch  of  his  life  in  Scharf,  J.  H.,  and  Westcott,  Thompson, 
History  of  Philadelphia,  1609-1884  (Philadelphia,  1884),  vol.  II,  p.  1545;  and  Mar 
tin,  J.  H.f  Bench  and  Bar  of  Philadelphia  (Philadelphia,  1883),  p.  84. 


50    Correspondence  of  Nicholas  Biddle 

lished  as  upon  the  authority  of  the  Bank,  without  any 
signature. 

I  do  not  owe  any  bank  in  existence  a  cent,  except  the  small 
balance  due  to  the  Lexn.  office.  Instead  of  being  indebted  to 
the  Bank  of  K.  (which  is  one  of  my  enumerated  creditors) 
subsequent  to  the  date  and  after  the  payment  of  my  mort 
gage  to  that  institution,  it  became  indebted  to  me  to  the 
amount  of  $10000  for  which  I  actually  sued  it. 

I  hope  you  will  excuse  the  trouble  I  give  you,  and  be 
lieve  me,  with  great  respect, 

BIDDLE  TO  HENRY  CLAY 

Phil3.  May  30,  1828 
My  Dear  Sir 

I  had  this  morning  the  pleasure  of  receiving  your  favor 
of  yesterday  during  the  session  of  the  Board  from  which  I 
was  not  released  in  time  to  answer  it  by  the  return  of  the  mail 
I  need  not  say  that  it  will  afford  me  great  satisfaction  to  assist 
in  refuting  the  injurious  representations  of  your  affairs,  — 
which  I  remember  to  have  seen  without  reading,  as  I  should 
have  read  without  believing  them.  I  began  by  ascertaining 
from  the  records  of  the  Bank  the  accuracy  of  your  statement 
—  but  as  the  returns  from  the  offices  represent  only  the  debts 
of  the  parties,  and  not  the  paper  which  they  deposit  for  col 
lection,  I  cannot  speak  on  that  subject  with  as  much  distinct 
ness  as  I  am  able  to  do  in  regard  to  the  reduction  of  your  debt 
and  your  fidelity  in  complying  with  your  engagements  to  the 
Bank.  On  reflection  I  think  it  better  not  to  publish  a  formal 
certificate,  but  to  introduce  the  testimony  of  the  Bank  in  a 
manner  less  direct  tho'  equally  authoritative.  With  the  reason 
of  this,  I  need  not  trouble  you  —  tho'  I  do  not  doubt  that 


From  a  Stockholder  5 1 

you  would  concur  with  me.  You  will  also  I  hope  agree  in  the 
opinion  that  the  fittest  channel  now  for  such  a  communica 
tion  is  Mr  Walsh.  The  relation  in  which  he  stands  to  the  pres 
ent  contest  will  under  his  agency  [be]  more  independent,  and 
he  will  give  a  pungency  &  force  to  the  contradiction  which  will 
probably  secure  to  it  a  wider  circulation  than  it  could  obtain 
through  any  other  of  our  papers.  I  have  accordingly  given 
to  him  a  statement  which  he  will  embody  in  a  paragraph  for 
tomorrow's  gazette.  You  and  he  I  believe  do  not  always 
agree  in  the  upper  regions  of  politics  —  but  I  regret  to  see 
estrangements  among  those  whom  I  esteem  —  &  on  this  oc 
casion  he  will  do  you  justice  frankly  &  cordially.  I  trust  you 
will  be  satisfied  with  the  manner  in  which  the  subject  will  be 
presented  &  believe  me  very  truly  1 

A  STOCKHOLDER  TO  BIDDLE 

Baltimore  17  June  1828 
Sir 

You  are  doubtless  aware  of  the  opposition  to  your  ad 
ministration  of  the  affairs  of  the  Bank  over  which  you  pre 
side,  which  has  recently  manifested  itself  in  your  City,  New 
York  and  elsewhere.  The  Stockholders  are  under  the  impres 
sion  that  your  object  is  to  keep  in  check  the  State  Banks, 
and  to  regulate  the  Currency  of  the  Country  at  their  cost. 
This  they  say  may  not  be  inconvenient  to  you,  while  you 
receive  the  salary  of  President  of  the  Bank,  but  it  does  not 
suit  them.  The  most  effectual  method  for  you  to  put  down 
the  Opposition,  is  to  give  a  dividend  equal  to  what  is  usually 

1  The  accusation  was  refuted  in  the  National  Gazette,  May  31,  1828.  How 
ever,  it  is  worth  recalling  that  if  Clay  was  in  good  financial  standing  at  this  time 
it  was  not  his  general  condition. 


5  2     Correspondence  of  Nicholas  Bid  die 

given  by  the  State  banks  in  your  City  and  elsewhere.  If  it 
should  not  be  deemed  advisable  to  give  3!  p  Cent,  you  may 
give  something  by  way  of  surplus.  Every  individual  can  loan 
his  own  money  in  his  own  way  to  produce  6  p  cent,  and 
if  the  National  Bank,  with  all  of  its  advantages  —  cannot 
divide  more,  the  Stockholders  will  not  care  much  about 
the  renewal  of  its  charter  —  7^  pcent  p  annum,  is  a  moder 
ate  dividend.  It  is  what  the  Stockholders  expect  and  every 
man  in  the  Nation  will  sanction 

BIDDLE  TO  DANIEL  WEBSTER  ESQR. 

(private)  Bank  of  the  U  States 

Augt.  14,  1828 
My  dear  Sir 

I  thank  you  for  your  favor  of  the  9th  inst.  in  regard  to 
the  Portsmouth  office  which  we  have  this  day  arranged  aggree- 
ably  to  your  recommendation.  The  only  departure  from  it 
is  that  we  have  fixed  the  salary  at  $800  &  the  professional 
compensation  at  $1,200 — instead  of  making  each  $1,000. 
This  was  done  so  as  to  preserve  the  symmetry  of  our  system 
of  compensation  to  the  Presidents  of  Offices  of  similar  Capi 
tal  to  that  of  Portsmouth,  and  not  to  make  any  invidious  dis 
tinctions  between  them.  To  Mr  Mason  2  the  form  is  I  pre 
sume  indifferent. 

It  remains  now  to  secure  his  election. 

You  know  that  the  Parent  Board  indicated  their  prefer 
ence  of  a  President  by  placing  him  at  the  head  of  the  list  — 
and  this  is  usually  decisive  —  but  the  election  is  actually  with 

J  Jeremiah  Mason  had  led  the  attack  upon  the  establishment  of  the  Bank  in 
1816;  yet,  through  the  instrumentality  of  Webster,  as  illustrated  above,  he  was 
chosen  President  of  the  Portsmouth  Branch. 


From  R.  Smith  5  3 

the  Board  of  the  Office,  and  altho'  I  have  no  reason  to  sup 
pose  that  there  will  be  any  difficulty,  yet  [it]  is  always  so  much 
easier,  if  possible,  to  prevent  them  to  overcome  obstacles,  that 
I  wish  you  would  take  upon  yourself  to  promote  his  elec 
tion  by  any  communication  which  you  may  deem  judicious 
with  the  Board  of  the  Office,  whose  names  are  subjoined.  I 
enclose  Mr  Mason's  letter  to  you.1 

R.  SMITH  2  TO  BIDDLE 

Private  \3  confidential  Offc  B  U  States 

Washington  Sept.  22d  1828 
Dear  Sir 

Mr.  Asbury  Dickins,3  who  has  had  an  accommoda 
tion  of  about  $2500  in  this  office,  has  been  lately  called  upon 
by  our  Board,  either  to  reduce  this  debt  by  curtailments, 
or  to  give  additional  security  therefore.  This  demand  has 
placed  Mr.  Dickins  in  a  very  unpleasant  situation,  &  he  will 
not  be  able  to  comply  with  the  call,  unless  at  very  great  in 
convenience  to  himself  &  to  his  family,  &  without  being  un 
just  to  his  other  creditors.  In  a  confidential  conversation  with 
him,  I  have  learned  that  there  are  pressing  claims  hanging 
over  him  to  the  amount  of  about  $2500,  &  that  every  dollar 
which  he  can  spare  from  the  economical  support  of  his  family, 
&  from  the  interest  on  his  debts  in  this  office,  is  applied  to  the 
liquidation  of  his  debts.  If,  in  addition  to  the  sum  already 
loaned  to  him,  the  Bank  would  lend  him  $2,500,  he  would 

1  This  letter  clearly  demonstrates  Webster's  connection  with  the  disputed 
Portsmouth  selection. 

2  Cashier  of  Branch  at  Washington,  D.C. 

3  Chief  Clerk  in  Treasury  Department;  after  resignation  of  Samuel  D.  Ingham, 
March  6,  1829,  Dickins  was  Secretary  of  the  Treasury  ad  interim,  June  21,  1831, 
to  August  8,  1831. 


54    Correspondence  of  Nicholas  Biddle 

pay  off  the  claims  pressing  upon  him,  &  would  leave  a  stand 
ing  order  to  be  filed  in  the  Treasury,  &  to  be  recognised  by  the 
Secretary,  to  pay  us  $1,000  annually  out  of  his  salary,  until 
his  whole  debt  should  be  paid  off.  The  security  which  he  could 
give  would  not  be  adequate  to  cover  this  sum;  but  if  he 
lived,  and  continued  in  office,  the  Bank  would  be  sure  to 
receive  the  whole  amount  of  his  debt. 

There  are  other  considerations  of  a  delicate  nature,  which 
would  induce  me  [to]  accede  to  this  proposition.  They  cannot 
be  communicated  to  the  Board  of  Directors,  perhaps,  but 
must  readily  occur  to  you.  Mr  Dickins  fills  the  confidential 
station  in  the  Treasury,  which  has  the  management  of  the 
Bank  accounts.  He  has  already  evinced  the  most  friendly 
disposition  towards  the  Bank,  &  has  in  many  instances,  to 
my  certain  knowledge,  rendered  services  materially  impor 
tant  to  its  interests.  I  do  not  say,  nor  do  I  believe,  that  he  has 
in  a  single  instance,  gone  contrary  to  his  duty  to  the  Trea 
sury;  but  I  know  that  it  is  very  important  to  have  the  per 
son  filling  his  station,  well  disposed  to  the  Bank,  as  the  view 
which  may  be  taken  of  the  subjects  referred  to  him,  may  be 
materially  affected  by  the  feelings  by  which  he  is  governed. 
The  report  on  the  subjects  of  Government  deposits  in  the 
Bank,  made  to  the  Senate  last  winter  by  Gen1.  Smith,1 
was  in  a  great  measure  made  from  materials  furnished  by 
Mr  Dickins,  from  suggestions  obtained  from  me.  This  of 
course,  must  not  be  talked  of,  nor  should  I  have  mentioned 
it,  but  to  illustrate  the  idea  of  Mr.  Dickins  usefulness.  Such 
is  my  opinion  of  the  services  rendered  by  him,  I  should 
think  it  good  policy  to  give  up  entirely,  the  whole  $5000, 
sooner  than  not  to  retain  his  friendly  disposition.  .  .  . 

1  Senator  from  Maryland,  1822-1833. 


From  yoseph  Gales ,  Jr.          5  5 


RICHARD  RUSH  l  TO  BIDDLE 

private  and  confidential.  Washington  Nov:  19,  1828 

My  dear  sir. 

...  I  am  about  setting  down  to  the  preparation  of  my 
annual  report,  always  a  work  of  importance,  but  the  materials 
for  which,  as  you  well  know,  cannot  be  got  in,  until  just  be 
fore  congress  assembles.  I  must  prepare  it,  too,  amidst  the  in 
evitable  interruptions  of  daily  business,  drawing  me  aside. 
The  receipts  for  the  current  year  are  likely,  I  think,  to  ex 
ceed  by  a  million  and  a  half  (perhaps  more)  my  estimate  of 
them  this  time  last  year. 

It  is  my  present  intention  to  take  some  notice  of  your  Bank. 
This  has  never  yet  been  done,  as  far  as  I  recollect,  as  a  vol 
untary  duty  by  the  secretary  of  the  treasury  in  his  annual 
reports.  But  if  these  reports  are  to  consist  of  nothing  but  an 
account  current  of  the  receipts  of  the  year,  set  off  in  ruled 
lines  and  columns,  any  copying  clerk  in  the  department 
might  annually  save  the  secretary  the  trouble  of  drawing 
them  up. 

Please  to  consider  this  communication  as  confidential,  and 
believe  me  dear  Sir, 

JOSEPH  GALES,  JR.,  TO  BIDDLE 

Philadelphia,  Nov.  24,  1828 
2  P.M. 

Dear  Sir: 

Since  I  had  the  pleasure  of  seeing  you,  I  have  received 
from  the  Post  Office  the  enclosed  Letter,  which,  as  I  find  I 

1  Secretary  of  the  Treasury.  Barbour's  attack  was  instrumental  in  bringing 
about  this  reference  to  the  Bank  in  the  Secretary's  report. 


56    Correspondence  of  Nicholas  Eiddle 

shall  not  have  my  business  letter  ready  before  Bank  closes, 
I  send  specially  to  you. 

Since  seeing  you  I  have  by  mere  accident  learned  that,  in 
the  last  contest  for  the  Presidency,1  you  have  been  of  the 
opinion  opposed  to  that  which  we  have  felt  it  to  be  our  duty 
to  maintain.  I  think  it  proper  to  say,  that  my  belief  was,  until 
otherwise  informed,  that  if  you  had  inclined  to  either  side, 
it  was  in  favor  of  the  present  Administration.  I  advert  to  the 
fact  for  no  other  purpose  than  to  say  that  I  did  not  speak  so 
freely  as  I  did,  during  our  interviews,  with  the  remotest  ap 
prehension  that  anything  falling  from  me  in  allusion  to  the 
contest  could  be  unpleasant  to  you.  I  wish  not  to  be  con 
sidered  as  one  who  disregards  the  common  rules  of  good  so 
ciety.  As  for  the  rest,  having  conversed  with  you  as  I  would 
with  my  most  intimate  political  friend,  I  am  satisfied  to  leave 
it  to  your  determination  whether  I  am  either  as  violent  or  as 
bad  a  man  as  my  political  enemies  would  make  me  out  to  be. 

BIDDLE  TO  RICHARD  RUSH 

(private)  Phila.  Nov  25,  1828 

My  dear  Sir 

...  I  am  very  much  obliged  to  you  for  the  intimation 
of  your  purpose  of  mentioning  the  Bank  in  your  next  report. 
Independant  of  the  pleasure  of  seeing  its  usefulness  recog 
nized  from  so  high  a  source,  it  may  perhaps  be  useful  with 
regard  to  others  who  have  hitherto  not  been  so  well  disposed 

1  This  letter  is  highly  significant  as  it  shows  that  Gales  was  surprised  that 
Biddle  did  not  warmly  support  Adams.  If  this  was  true,  can  it  be  possible  that 
Biddle  was  favorably  disposed  to  Jackson?  Parton  and  von  Hoist  both  cite  Jack 
son's  interest  in  the  Bank  in  1821  and  1828;  while  Catterall  claims  that  Biddle  had 
been  warned  in  1828  by  Mcllvaine  of  the  incoming  President's  hostility.  However, 
it  seems  from  this  letter  that  Biddle 's  friends  thought  he  was  not  opposed  to 
Jackson. 


To  Richard  Rush  5  7 

&  who  now  seemed  destined  to  have  an  influence  hereafter 
over  that  subject,  so  far  as  respects  the  country  I  am  per 
fectly  satisfied  from  as  intimate  a  knowledge  as  I  possess  of 
any  subject,  that  [but]  for  the  presence  of  the  Bank  the  cur 
rency  of  the  country  would  in  two  months  time  relapse  into 
confusion,  &  that  the  public  revenue,  becoming  of  unequal 
value  at  every  part  of  the  Union  would  be  subject  to  loss  & 
delay  &  expence  in  making  transfers  which  would  be  incal 
culable  injurious.  It  occurs  to  me  —  &  I  therefore  venture  the 
suggestion —  that  the  subject  might  be  appropriately  intro 
duced  at  that  part  of  the  report,  which  will  naturally  state 
the  amount  of  debt  extinguished  during  the  last  four  years. 
It  would  then  be  satisfactory  to  add,  that  the  whole  of  this 
amount,  in  addition  to  the  ordinary  receipts  &  disbursements, 
after  being  collected  in  various  quarters  of  this  extensive 
country  are  transferred  to  the  several  points  where  the  pub 
lic  debt  is  payable,  &  actually  disbursed  for  that  purpose 
without  the  delay  of  amount,  or  the  expense  of  a  dollar  — 
or  the  slightest  risk  —  the  Bank  being  responsible  for  the  con 
duct  of  the  agents  —  while  in  England,  the  Govfc  pay  more 
than  a  million  of  dollars  annually  for  the  management  of  its 
debt  by  the  Bank  of  England.  What  is  scarcely  less  important 
is,  that  from  the  arrangements  made  by  the  Bank  for  these 
payments,  the  inconvenience  of  a  great  accumulation  of 
money  in  the  vaults  of  the  Gov*  followed  by  an  immediate 
distribution  of  it  is  entirely  obviated.  The  Bank  as  the  period 
of  payment  approaches,  anticipates  in  the  form  of  discounts 
the  disbursement  of  a  considerable  portion  of  the  Stock  — 
and  the  rest  becomes  absorbed  in  the  mass  of  its  operations 
so  that  many  millions  are  paid  on  a  given  day,  without  the 
slightest  previous  pressure,  or  any  consciousness  on  the  part 


5  8     Correspondence  of  Nicholas  Riddle 

of  the  community  of  such  an  operation,  which  unless  skilfully 
made,  may  produce  inconvenient  shocks  &  fluctuations.  .  .  . 

BIDDLE  TO  DANIEL  WEBSTER 

Philad  Dec  2.  1828 
My  dear  Sir 

I  recd  this  morning  your  favor  of  the  29th  ulto  — 
which  did  not  reach  me  until  the  Committee  to  whom  Mr 
Gales'  application  was  referred  had  decided  upon  it  '&  their 
report  was  adopted  by  the  Board  today. 

I  have,  indeed  we  all  have,  very  favorable  dispositions 
towards  Mr  Gales,  &  would  gladly  assist  him  if  it  could  be 
done  with  propriety.  But  it  would  be  wrong  for  us  to  con 
sider  the  matter  in  any  other  than  a  pecuniary  light  or  to  treat 
it  on  any  other  than  simple  business  principles.  The  value 
of  his  paper  &  the  advantage  of  its  continuance  are  considera 
tions  entirely  foreign  to  us^—  and  the  very  circumstance  that 
but  for  the  B.  U.  S.  any  newspaper  would  be  discontinued, 
or  that  the  Bank  had  gone  out  of  its  way  in  order  to  sustain 
any  newspaper  either  in  administration  or  in  opposition  would 
be  a  subject  of  reproach  &  what  alone  makes  reproach  un 
comfortable  of  just  reproach  to  the  Bank.  I  have  striven  to 
keep  the  Bank  straight  &  neutral  in  this  conflict  of  parties, 
&  I  shall  endeavor  to  persevere  in  that  course.  If  then  the 
support  of  the  Nat1  Intr.  offers  no  adequate  temptation  to 
hazard  the  property  of  the  Bank,  the  loan  is  on  business  prin 
ciples  not  a  proper  one.  The  responsibilities  of  the  party  now 
amount  to  a  little  above  $50,000 :  for  this  the  Bank  has  it  is 
conceived  just  enough  &  no  more  to  make  the  debt  secure,  & 
all  the  other  means  of  the  parties  are  already  pledged  for 
other  debts.  The  only  chance  there  of  any  accession  of  means 


From  Richard  Rush  5  9 

is  in  the  contingency  of  their  receiving  the  appointment  of 
printers  to  the  next  Congress  —  a  contingency  which  a  politi 
cian  may  regard  as  surrounded  by  different  degrees  of  prob 
ability  but  which  to  a  Banker  seems  an  unsteady  basis  for 
a  loan  of  $15,000.  I  am  very  sorry  that  we  were  obliged  to 
decline  but  really  saw  no  other  course,  unless  we  were  ready 
in  all  impartiality,  to  furnish  the  means  for  a  newspaper 
under  the  next  administration.  I  have  written  thus  freely 
because  I  thought  it  would  interest  you  to  know  the  fate 
of  his  application  &  the  reason  of  it. 

RICHARD  RUSH  TO  BIDDLE 

private  Washington  December  10,  1828 

Dear  sir, 

I  beg  leave  to  enclose  you  a  copy  of  my  annual  report. 
In  framing  it  on  this  occasion,  I  have  had  reference  to  its  mak 
ing  a  good  impression  abroad,  satisfied  that  [if]  it  should  have 
this  effect,  in  any  degree,  it  will  render  it  but  the  more  valu 
able  at  home.  Hence  in  the  part  about  the  debt,  as  well  indeed 
as  in  other  parts,  I  have  been  somewhat  more  elementary, 
or  rather,  I  should  say,  explanatory,  than  would  be  neces 
sary  for  home  readers  alone.  I  had  written  out  the  first  sketch 
of  the  whole,  including  the  part  about  the  bank,  before  I  was 
favored  with  your  letter  of  the  25th  of  November,  and  had  an 
ticipated  some  of  its  suggestions.  Others  that  it  contained,  and 
that  I  also  found  in  your  late  letter  to  Mr  Dickins,  I  adopted, 
and  now  make  you  my  acknowledgments  for  them.  At  the 
time  the  Bank  was  attacked  last  winter,  for  so  it  was  in  effect, 
I  took  my  determination  not  to  leave  the  Department  with 
out  placing  on  record  my  testimony  to  its  vast  value  to  the 
nation.  It  will  be  called  an  extra-official,  volunteer,  thing  on 


60     Correspondence  of  Nicholas  Biddle 

my  part,  and  other  comments  made;  all  of  which  I  shall  set  at 
naught.  The  finances  of  the  state  are  the  state.  So  said  Burke. 
Every  thing  that  can  be  brought  to  bear  upon  the  wealth  and 
prosperity  of  the  nation, —  commerce,  manufactures,  agri 
culture,  the  shipping  interest,  the  currency,  banks,  the  coin, 
tariffs,  Internal  works  —  legislation  as  it  may  affect  all  or 
any  of  these  topics,  are  open,  so  I  hold  it,  to  the  scrutiny 
or  recommendations  of  a  secretary  of  the  treasury,  in  his  an 
nual  reports  to  the  national  Legislature.  He  may  review  in 
them,  if  he  pleases,  the  financial  systems  of  any  part  of  the 
world,  past  or  present,  and  ought  to,  if  by  it  he  can  help  our 
own.  True  he  must  be  responsible  to  his  own  character  for 
the  manner  in  which  he  may  do  all  this,  and  more,  for  every 
thing  is  open  to  him.  His  scope  is  boundless.  I  have  at  least 
desired  to  give  to  the  law  under  which  the  annual  report  is 
made,  an  enlarged  interpretation.  I  would  lift  up  its  dignity, 
as  well  as  its  importance,  leaving  it  for  others,  more  able, 
who  are  to  come  after  me,  to  improve  to  great  national  bene 
fits  my  mere  conception  of  the  duties  which  it  imposes.  .  .  . 

You  have  probably  as  much  or  more  to  fear  for  the  Bank, 
from  New  York,  as  from  Virginia,  and  with  even  less  excuse. 
In  Virginia,  there  are  still  constitutional  scruples.  In  New 
York,  none.  But  the  frog  of  Wall  Street,  puffs  himself  into 
the  Ox  of  Lombard  street,  and  will  not  have  you  abuse  him. 
Hinc  ille  lacrymse.  .  .  . 

It  is  my  intention  to  send  copies  of  my  report  abroad.  I 
shall  take  care  that  it  reaches  the  hands  not  only  of  such 
persons  as  Mr  Huskisson,1  Mr  Peel 2  and  Lord  Aberdeen,3 

1  At  this  time  Secretary  of  State  for  War  in  the  Wellington  Ministry. 

2  Later  Prime  Minister  of  England,  December,  1834,  1841-1846. 

3  At  this  time  Secretary  of  State  for  Foreign  Affairs  in  the  Wellington  Min 
istry. 


From  George  Hoffman  6 1 

but  also  some  of  those  capitalists  and  bankers  who  can  make 
the  pecuniary  world  heave,  in  both  hemispheres,  by  holding 
up  a  finger,  at  the  Royal  or  stock  exchange. 

GEORGE  HOFFMAN  *  TO  BIDDLE 

Baltimore  Decem  2Oth  1828 
My  dear  Sir 

.  .  .  You  appear  to  be  going  on  so  smoothly  and  satis 
factorily  in  the  management  and  operations  of  the  Bank 
that  no  room  or  need  of  remark  or  advice  is  necessary,  and 
this  here  to  fore  much  abused  and  unpopular  Bank  may  now 
be  hoped,  and  said  to  stand  so  well  with  the  public,  or  of  all 
well  informed  communities  and  experienced  men,  that  its 
enemies  may  become  its  friends.  I  hope  we  may  so  find  it 
when  we  go  forward  for  a  renewal  of  its  charter.  Mr  Rush 
has  at  least  come  out,  and  has  done  his  duty  well.  It  has 
given  me  surprise  that  he,  and  indeed  the  President,  as  also 
former  Secretaries  of  the  Treasury  have  not  usually  said 
something  of  the  truth  of  this  matter  in  their  reports. 

I  would  think  well  of  an  application  for  a  new  Charter 
some  time  (years)  before  the  expiration  of  the  present,  and 
would  choose  a  tranquil  fortunate  session  to  make  it  in,  an 
early  application  is  reasonable  &  proper,  as  a  Machine  of  its 
extent,  and  Loans  should  know  its  course,  and  have  ample 
time  to  its  closure  if  necessary.  I  cannot  doubt  a  renewal  will 
be  had  —  the  terms  may  give  you  difficulty  and  trouble.  I 
have  read  with  great  dissatisfaction  the  assertions  ensinu- 
ations  and  threats  of  Duff  Green  in  his  Telegraph  of  the  4th 
Instant,  does  Mr  Clay  owe  the  Bank  now  a  large  sum?  This 

1  One  of  the  directors  of  the  Baltimore  and  Ohio  Railroad.  Scharf,  J.  T.,  The 
Chronicles  of  Baltimore  (Baltimore,  1874),  pp.  377,  447. 


62     Correspondence  of  Nicholas  Biddle 

enflated  flimsy  Editor  does  mischief  and  may  do  more  if  not 
put  right,  his  paper  circulates  extensively  and  has  done  a  good 
deal  for  the  cause  of  Gen1  Jackson,  I  should  be  very  sorry  to 
imagine  the  next  administration  would  in  any  way  be  influ 
enced  by  such  a  paper.  Yet  I  know  a  Gentleman  here  a  popular 
leading  Jackson  man  a  representative  to  our  Legislature,  and 
whose  family  own  a  large  amount  of  Stock  B.  U.  S.  declare  he 
would  sell  out  his  Stock  on  reading  Duff  Greens  paper.  .  .  . 

BIDDLE  TO  GEORGE  HOFFMAN 

Philada  Dec  22.  1828 
My  dear  Sir 

...  I  do  not  incline  to  fear  anything  for  the  Bank 
from  the  change  of  Administration.  Mr  Rush's  excellent 
report  sets  the  seal  upon  that  question,  &  I  should  think  that 
no  administration  would  venture  to  set  the  monied  concerns 
of  the  country  afloat  as  they  once  were.  When  we  see  who  is 
to  be  our  new  Secy  of  the  Treasy,  we  can  consider  seriously 
the  application  for  a  renewal.  .  .  . 

BIDDLE  TO  SAMUEL  SMITH 

Philada  Dec  29.  1828 
Dear  Sir 

...  3.  —You  ask  "whether  any  of  the  branches,  in 
any  way  whatever,  except  the  individual  votes  of  the  Direc 
tors,  interfered  in  the  late  contest." 

Most  certainly  not — in  the  slightest  degree.  There  is  no 
one  principle  better  understood  by  every  officer  in  the  Bank, 
than  that,  he  must  abstain  from  politics,  and  I  have  not  seen 
nor  heard  of  any  one  of  them  in  any  part  of  the  Union,  who 
has  been  engaged  in  this  controversy.  I  remarked  the  other 


From  John  McLean  63 

day  a  story  of  a  person  l  in  Cincinnati  who  was  arrested  for 
rent,  &  it  was  supposed  that  the  agent  of  the  Bank  had  done 
it  to  prevent  his  going  to  the  Senate  &  making  a  Senator  of 
the  U.S.  friendly  to  Gen1  Jackson.  I  do  not  consider  it  pos 
sible  that  he  should  have  had  any  such  design,  but  the  sub 
ject  is  under  investigation,  &  if  he  shall  be  found  to  have 
abused  the  power  of  the  bank  to  such  an  unworthy  purpose, 
he  shall  certainly  never  have  an  opportunity  of  repeating  it. 
The  course  of  the  Bank  is  very  clear  and  straight  on  that 
point.  We  believe  that  the  prosperity  of  the  Bank  &  its  use 
fulness  to  the  country  depend  on  its  being  entirely  free  from 
the  control  of  the  Officers  of  the  Gov1,  a  control  fatal  to  every 
Bank,  which  it  ever  influenced.  In  order  to  preserve  that  in 
dependence  it  must  never  connect  itself  with  any  administra 
tion  —  &  never  become  a  partizan  of  any  set  of  politicians. 
In  this  respect  I  believe  all  the  officers  of  the  institution 
have  been  exemplary.  The  truth  is  that  with  us,  it  is  con 
sidered  that  we  have  no  concern  in  politics.  Dean  Swift, 
said  you  know,  that  money  is  neither,  whig  nor  tory,  and  we 
say  with  equal  truth,  that  the  Bank  is  neither  Jackson  man 
nor  an  Adams  man,  it  is  only  a  Bank.  .  .  . 

JOHN  MCLEAN  2  TO  BIDDLE 

Confidential  Washington 

5  Jany.  1829 
Dear  Sir, 

The  enclosed  lists  of  names  have  been  handed  to  me 
by  Col  Johnson 3  of  Kentucky,  with  a  request  that  I  would 

1  A  Mr.  Mack  of  Cincinnati. 

2  Postmaster-General  under  J.  Q.  Adams;  later  Associate  Justice  of  the  Su 
preme  Court. 

5  R.  M.  Johnson,  Vice-President  under  Van  Buren. 


64    Correspondence  of  Nicholas  Biddle 

submit  them  to  you,  as  recommended  by  himself,  and  renewal 
of  the  delegation  from  Kentucky,  for  the  appointment  of  Di 
rectors  of  the  Branches  of  the  United  States  bank,  at  Lex 
ington  and  Louisville.  The  members  of  Congress  from  Ken 
tucky  favourable  to  the  new  Administration,  are  under  the 
impression,  that  during  the  late  elections  in  that  State,  great 
facilities,  by  the  state  banks,  were  given  to  those  persons,  who 
were  favourable  to  the  re-election  of  Mr  Adams,  whilst  al 
most  all  accomodation  was  withheld  from  the  other  side  of  the 
contest.  This  impression  may  have  arisen,  perhaps,  from  the 
fact,  that  the  Directors  were  favourable  to  the  Administra 
tion,  and  on  that  account  injustice  may  have  been  done  them. 
It  is  to  be  expected,  where  party  spirit  has  no  limit,  that 
jealousies  of  every  kind  will  be  cherished  against  political  op 
ponents,  and  by  this  means,  the  fairest  course  of  conduct,  may 
be  grossly  misrepresented.  But,  where  the  impression  of  un 
fairness  exists,  the  effect  on  society  and  on  our  institutions 
may  be  deeply  injurious,  without  any  substantial  foundation. 
It  would  therefore  seem  to  be  sound  policy,  to  guard  against 
every  appearance  of  Wrong.  And  it  is  submitted  with  great 
deference,  whether  it  would  not  be  advisable  to  make  the 
selection  of  Directors  for  the  branches  in  Kentucky,  from 
both  political  parties,  where  persons  can  be  found  belong 
ing  to  both,  who  are  equally  competent  and  entitled  to  the 
public  confidence. 

Being  friendly  to  the  Bank  myself,  I  should  regret  to  see 
a  political  crusade  got  up  against  it.  Some,  I  know  are  ready 
to  engage  in  this  course,  but  I  wish  there  number  may  be 
small. 

I  have  no  doubt,  you  will  agree  with  me,  that  every  monied 
institution  should  remain  free  from  political  connections,  and 


Samuel  Smith  6  5 


that  every  just  measure,  which  may  be  calculated  to  pre 
serve  it  free  from  party  influence,  should  be  adopted.1 

BIDDLE  TO  SAMUEL  SMITH 

Phila.  Jany  5.  1829 
Dear  Sir 

I  have  had  the  pleasure  of  receiving  your  letter  of  the 
2d  inst,  in  which  you  mention  your  being  about  to  make 
a  favorable  report  on  the  nomination  of  Directors  of  the 
B.  U.  S,  but  wished  previously  to  know  "what  amount  of 
accommodation  had  been  granted  to  each  by  way  of  dis 
count."  I  feel  some  regret  at  declining  to  answer  any  inquiry 
of  yours  —  and  as  you  know  have  given  full  &  frank  in 
formation  on  every  topic  connected  with  the  administration 
of  the  Bank.  But  a  question  involving  the  private  affairs  of 
my  colleagues  is  of  a  totally  different  character.  The  account 
which  any  individual  keeps  with  the  Bank  is  a  private  con 
cern  between  him  &  the  Bank  of  which  it  would  be  a  viola 
tion  of  confidence  to  speak.  The  information  sought  more 
over  would  be  useless  unless  its  tendency  was  to  show  that 
the  individual  had  borrowed  too  much  —  a  fact  which  would 
tend  to  prove  not  merely  the  want  of  personal  independence 
on  the  part  of  the  borrower,  but  also  fix  on  the  Board  of  Di 
rectors  the  imputation  of  suffering  him  to  borrow  too  much 
—  to  neither  of  which  could  I  with  propriety  give  counte 
nance  without  a  departure  from  that  course  of  delicacy  in 
regard  to  the  private  concerns  of  individuals  which  I  think 
due  equally  to  them  &  to  myself.  My  feeling  on  that  subject 

1  A  discussion  of  the  charges  against  the  Kentucky  Branches  can  be  found  in 
Sen.  Doc.,  No.  17,  23d  Cong.,  2d  Sess.,  Report  of  the  Committee  on  Finance  with 
Documents. 


66     Correspondence  of  Nicholas  Bid  die 

is  very  strong.  I  have  for  instance  been  a  director  of  the  Bank 
for  nine  years  —  I  have  been  its  presiding  officer  for  six  years. 
I  have  never  borrowed  a  dollar  from  the  Bank x  &  trust  that 
I  never  shall.  And  yet  if  it  were  made  a  question  whether  I 
had  borrowed  one  dollar  or  one  million  of  dollars  I  would  not 
answer  the  enquiry,  to  be  made  President  of  the  U.S.  be 
cause  it  goes  to  establish  an  inquisition  into  the  private  af 
fairs  of  individuals  which  is  equally  unjust  &  invidious.  I  do 
not  think  myself  at  liberty  therefore  to  state  any  thing  with 
regard  to  those  who  keep  their  accounts  in  the  Bank.  .  .  . 

P.S.  We  have  just  made  a  dividend  of  3^  per  cent  with  a 
surplus  on  our  last  six  months  business  of  more  than  $100,000 
so  that  the  operations  of  the  year  close  with  a  dividend  of 
7  per  cent  &  a  surplus  of  profits  of  $224,000. 

ROSWELL  L.  COLT  TO  BIDDLE 

Paterson  7  January  1829 
Dear  Biddle 

I  saw  a  friend  in  New  York  who  is  intimate  with 
Cambreleng  &  speaking  about  the  Presidents  message,  he 
told  me  that  three  months  ago  Cambreleng  advised  him  to 
sell  out  his  Bank  Shares  —  for  that  the  Administration  were 
hostile  to  the  Bank  that  the  Bank  had  not  meet  the  public 
estimation,  by  producing  an  uniform  currency  &  that  its 
charter  would  not  be  renewed  &  that  the  Gov1  would  creat 
a  new  Bank  a  National  one  to  be  located  at  Washington 

1  Protection  against  the  personal  affairs  of  the  Bank  was  the  keynote  of 
Biddle 's  administration.  At  all  times  the  President  refused  to  allow  investigation 
of  the  internal  workings  of  the  institution  until  the  Bank  war  broke  out  in  all  its 
fury.  Then,  in  order  to  show  that  the  Bank  had  nothing  to  conceal,  he  allowed 
it  to  take  place.  But,  as  a  rule,  he  gave  the  inquisitor  little  assistance  with  the  re 
sult  that  the  latter  was  overwhelmed  with  a  mass  of  abstract  data. 


70  John  Harper  67 

with  Branches  only  in  such  States  as  should  pass  a  law  author 
ising  it  &  made  use  of  very  Similar  objections  to  the  Bank  —  as 
those  introduced  into  the  message — from  which  he  infers  that 
Van  Beuren  was  consulted  on  that  part  of  the  message.  .  .  . 

BIDDLE  TO  JOHN  HARPER  * 

Bank  of  the  U  States 

(private)  Jany  9,  1829 

Dear  Sir 

The  annexed  list  has  been  sent  to  me  from  Washing 
ton,  as  containing  the  views  of  several  members  of  Congress 
from  Kentucky  in  regard  to  a  proper  direction  for  your  Office. 
It  is  accompanied  by  an  expression  of  opinion  on  their  part- 
not  to  me  directly,  but  thro'  a  common  friend —  that  during 
the  elections  in  Kentucky,  great  facilities  were  given  by  the 
Branches  in  that  State,  to  persons  favorable  to  the  reelection 
of  Mr  Adams,  whilst  almost  all  accommodation  was  withheld 
from  the  other  side  of  the  contest.  I  will  not  believe  for  a  mo 
ment  that  this  is  not  a  mistake.  The  officers  of  the  Bank  have 
hitherto  so  studiously  avoided  all  interference  in  politics, 
that  I  think  it  scarcely  possible  that  any  gentlemen  con 
nected  with  it,  should  so  far  forget  their  duty  as  to  become 
partizans,  or  abuse  their  delicate  trusts  to  the  unworthy  pur 
pose  of  advancing  any  political  object.  The  statement  is  how 
ever  made,  and  the  nomination  subjoined  is  I  presume  in 
tended  to  prevent  the  recurrence  of  similar  favoritism  in 
future  by  an  union  of  parties  in  the  Board.  As  you  are  about 
to  forward  a  new  list,  I  will  state  to  you  precisely  my  views 
on  that  subject. 
Politics  should  be  rigorously  excluded  from  the  adminis- 

1  Cashier  of  Branch  at  Lexington,  Kentucky. 


68     Correspondence  of  Nicholas  Bid  die 

tration  of  the  Bank.  In  selecting  Directors,  the  first  consider 
ations  [should  be]  integrity,  independence,  &  knowledge  of 
business.  No  man  should  be  shunned,  &  no  man  should  be 
sought  on  account  of  his  political  opinions  merely.  Neverthe 
less  in  a  community  where  broad  political  divisions  prevail, 
we  must  not  be  wholly  insensible  to  them  —  we  must  not 
exclude,  nor  even  seem  to  exclude,  any  one  particular  denomi 
nation  of  politicians;  but  where  both  present  candidates  of 
equal  merits,  we  should  take  them  from  both  parties.  But 
still  the  first  question  is,  their  qualifications,  distinct  from 
their  political  opinions.  I  would  not  however  be  disposed  to 
act  on  any  regular  system  of  equally  uniting  both  parties 
because  the  inevitable  effect  of  it  would  be  to  force  upon  us 
inferior  men,  merely  because  they  were  politicians.  I  have 
myself  an  extreme  unwillingness  to  blend  politics  with  the 
concerns  of  the  Bank.  Nearly  all  its  misfortunes  may  be 
traced  to  this  cause,  &  in  your  section  of  the  country  we 
have  surely  had  a  melancholy  experience  of  the  hazard  of 
lending  to  politicians.  Since  you  have  been  relieved  from 
them,  your  affairs  have  prospered,  and  you  are  doing  so 
well  that  I  do  not  wish  to  disturb  your  progress  by  an  infu 
sion  of  politics.  But  at  the  same  time,  we  must  avoid  the 
odium,  which  would  naturally  &  justly  attach  to  the  exclu 
sion  of  any  party  from  its  proper  share  in  the  government 
&  the  loans  of  the  Bank.  .  .  . 

BIDDLE  TO  JOHN  MCLEAN 

(Confidential}  Phila.  Jany.  10,  1829 

My  dear  Sir, 

There  is  one  topic  in  my  letter  to  you  of  this  day,  on 
which  I  did  not  wish  to  enlarge  lest  it  might  appear  invidious, 


To  John  McLean  69 

but  which  is  very  fruitful  of  admonition.  The  truth  is,  that 
almost  all  the  misfortunes  of  the  Bank  of  the  United  States, 
are  traceable,  directly  or  indirectly,  to  politics.  In  Kentucky 
the  losses  were  in  a  great  measure  incurred  by  loans  to  prom 
inent  politicians  of  all  sides  whose  influence  procurred  them 
undue  facilities  which  ended,  as  frequently  happens,  in  such 
cases,  by  ruining  them  as  well  as  cripling  the  Branches.  These 
things  have  made  us  sensitive  on  that  point,  &  unwilling  to 
see  any  great  political  influence  introduced,  which  might  lead 
to  a  recurrence  of  similar  misfortunes. 

BIDDLE  TO  JOHN  MCLEAN 

Bank  of  the  U.  States. 

Jany.  u,  1829. 
My  dear  Sir — 

I  thank  you  very  sincerely  for  your  favor  of  the  5th 
inst.  with  its  inclosures.  .  .  . 

On  the  general  question,  I  concur  entirely  in  your  views, 
which  are,  in  fact,  those  which  prevail  in  the  administration 
of  the  Bank.  Our  theory  is,  that  the  Bank  should  studiously 
abstain  from  all  interference  in  politics,  &  there  is  not  an 
officer  of  the  Institution  who  does  not  know  that  his  stand 
ing  &  his  place  too,  depend  on  his  strict  observance  of  this 
principle.  1  believe  also  that  they  have  hitherto  been  faithful 
to  it.  I  have  never  heard  of  any  suspicion  even,  that  any 
officer  of  the  Bank  has  intermeddled  with  politics,  except  on 
one  occasion,  and  that  suspicion,  I  am  satisfied  after  inquiry, 
was  without  foundation.1 

In  regard  to  Directors,  the  first  considerations  undoubt 
edly  are,  integrity,  independence  &  knowledge  of  business. 

1  Cf.  letter  of  Biddle  to  George  Hoffman,  November  22,  1829. 


70    Correspondence  of  Nicholas  Biddle 

No  man  should  be  excluded,  no  man  should  be  sought, 
merely  on  account  of  his  political  sentiments.  Nevertheless, 
in  a  community  where  broad  political  distinctions  prevail, 
we  must  not  be  insensible  to  them, — we  must  not  reject, 
nor  even  seem  to  reject,  any  denomination  of  politicians,  & 
where  we  have  the  means  of  selecting  persons  equally  compe 
tent  from  all  parties,  their  political  opinions  ought  not  to  be 
overlooked.  Still,  however,  in  choosing  Directors,  who  borrow 
themselves  &  who  lend  to  others,  the  funds  belonging  to  the 
Gov4.  and  to  the  Stockholders,  their  personal  independence, 
&  their  fitness  for  that  particular  duty  must  be  the  primary 
inquiry —  their  political  preferences  only  a  secondary  concern. 
The  great  hazard  of  any  system  of  equal  division  of  parties 
at  a  Board  is,  that  it  almost  inevitably  forces  upon  you  in 
competent  or  inferior  persons,  in  order  to  adjust  the  numeri 
cal  balance  of  Directors.  For  instance,  the  Board  at  Nash 
ville  naturally  consists  of  the  political  friends  of  General 
Jackson  —  that  at  Boston,  of  the  friends  of  Mr  Adams  (tho', 
such  is  the  fate  of  politicians,  I  am  not  so  sure  of  that  now) 
and  this  is  not  from  any  principle  of  political  selection  or  ex 
clusion,  but  because  the  best  agents  for  managing  monied 
concerns,  happened  to  be  on  that  side  —  just  as  the  best 
lawyer  or  the  best  merchant  of  these  places,  would  prob 
ably  be  in  favor  of  their  respective  candidates  —  but  if, 
with  a  view  to  redress  this  inequality,  we  were  to  intro 
duce  incompetent  persons,  the  Bank  might  sustain  serious 
injury. 

In  the  Branches  we  naturally  look  to  the  confidential  offi 
cers  of  the  Bank  (the  Cashier  who  is  appointed  by  the  Parent 
Board,  and  the  President  of  the  Branch)  to  nominate  suitable 
persons  to  fill  the  vacancies  as  they  occur  by  rotation,  and  if, 


70  John  McLean  7 1 

after  inquiring  from  other  independent  sources,  we  see  no 
reason  to  distrust  their  judgment,  we  generally  lean  to  their 
nomination.  This  is  the  safest  general  practice,  because  if  we 
at  a  distance  place  in  the  Direction  gentlemen  without  know 
ing  their  precise  pecuniary  situation,  we  may  introduce  in 
dividuals  who  have  already  borrowed  too  much,  or  wish  to 
borrow  too  much,  or  who  have  needy  friends  whose  claims 
they  may  urge  successfully  while  sitting  at  the  Board,  when 
they  might  otherwise  be  resisted.  In  regard  to  the  Branches 
in  Kentucky,  they  have  met  with  enormous  losses  —  not  less 
perhaps  than  $600,000  —  and  a  great  portion  of  this  not  on 
business  loans,  the  legitimate  object  of  Banking,  but  on  ac- 
comodation  paper  which  should  never  have  found  its  way 
into  the  Branches.  This  melancholy  experience  has  induced 
us  to  give  a  more  commercial  &  business-like  character  to 
their  transactions,  and  they  have  naturally  fallen  into  the 
hands  of  business  men,  who  have  managed  their  affairs  very 
well.  These  Branches  were  never  in  so  sound  &  prosperous 
a  state  as  at  this  moment —  never  did  business  so  usefully 
to  the  community  &  so  profitably  to  the  Bank.  Being  per 
fectly  satisfied  with  their  progress,  &  perceiving  that  the  set 
of  gentlemen  in  the  Direction  are  nearly  the  same  who  have 
been  there  for  four  or  five  years,  I  have  not  examined  their 
relation  to  the  political  parties  which  have  grown  up  princi 
pally  since  they  were  first  introduced  into  the  Boards.  I  was 
not  even  aware,  until  I  received  your  letter,  of  any  political 
preponderance  either  way,  in  the  Directions  of  the  Branches, 
nor  did  I  suppose  it  possible  that  they  would  abuse  their 
trusts  to  any  political  object.  ... 


72     Correspondence  of  Nicholas  Biddle 

BlDDLE  TO  JOSIAH  NlCHOL  ESQ.1 

Bank  of  the  United  States 

June  23rd  1829 
Dear  Sir 

.  .  .  We  are  obliged  to  receive  and  glad  to  receive  nom 
inations  from  any  respectable  quarter,  &  always  treat  them 
with  respect  —  but  you  must  not  suspect  that  any  particular 
consideration  is  given  to  nominations  from  Washington.  With 
Washington,  in  its  character  as  the  seat  of  Govfc,  the  Bank 
has  no  concern.  It  has  in  fact  nothing  to  do  with  the  Gov*, 
except  that  in  administering  the  national  finances,  it  will  give 
its  aid  cordially  and  sincerely  to  every  administration.  But 
with  no  administration  will  it  have  any  political  connexion. 
Nor  would  the  influence  of  the  President  and  all  the  Depart 
ments  put  together  be  sufficient  to  appoint  a  single  Director 
who  was  not  considered  qualified  for  his  trust.  This  independ 
ence  forms  the  point  of  honor  with  the  Bank.  You  must 
not,  therefore,  believe  for  a  moment,  that  any  influence  from 
any  quarter  could  interfere  with  the  regular  course  of  our 
nominations  or  prevent  our  consulting  you  and  our  friends 
in  Nashville  on  a  subject  of  so  much  importance  as  the  choice 
of  those  to  whom  the  prosperity  of  the  Bank  is  entrusted.2 

BIDDLE  TO  ROBERT  LENOX 

Phila.  July  6th.  1829 
My  dear  Sir, 

...  I  intended  when  I  saw  you  to  ask  you  to  procure 
for  me  some  information.  The  Office  at  Portsmouth  3  had 

1  President  of  the  Nashville  Branch.   Woodbridge,  J.  (editor),  History  of  Nash 
ville  (Nashville,  1890),  p.  283. 

2  Cf.,  however,  Biddle 's  later  conversation  with  Major  Lewis;  Biddle  to  Lewis, 
May  3,  1830. 

1  This  is  the  opening  of  the  celebrated  Portsmouth  affair.  Biddle  had  al- 


From  Walter  Dun  7  3 

got  into  a  very  bad  way  and  great  losses  will  be  sustained 
there.  In  order  however  to  repair  them  as  much  as  possible 
we  placed  at  the  head  of  it  Mr.  Jeremiah  Mason,  who  has  been 
very  busy  and  very  useful  in  securing  our  old  bad  debts  and 
preventing  new  ones.  This  operation  you  know,  is  not  a  pleas 
ant  one  —  &  has  raised  against  Mr  Mason  a  number  of  ene 
mies  who  complain  loudly.  Such  complaints  are  generally  ill 
founded,  &  we  are  disposed  to  receive  them  with  great  dis 
trust.  At  the  same  time  it  is  proper  not  to  disregard  them 
and  I  should  like  to  know  from  an  authentic  source  whether 
there  is  any  foundation  for  them.  .  .  . 

ROBERT  LENOX  TO  BIDDLE 

New  York  7  t  July  1829 
My  Dear  Sir 

Your  favor  of  the  6th  inst  is  before  me.  I  have  long 
been  aware  of  the  existance  of  the  uneasiness  which  prevails  in 
Portsmouth.  I  knew  it  would  exist  as  long  ago  as  when  I  was 
there  last  Summer  and  at  the  time  the  appointment  was  made 
and  the  Salary  fixed — any  man  that  would  do  his  duty  under 
the  Circumstances  that  exist,  would  be  unpopular;  but  as  the 
old  saying  is,  "one  man  may  Steal  a  Sheap  while  another 
dare  not  look  over  the  fence."  .  .  . 

WALTER  DUN  TO  BIDDLE 

Lexington  Ky.  August  14th,  1829 
Dear  Sir 

In  a  confidential  conversation  with  John  Tilford  * 
Esqr.  a  few  days  ago,  I  learned  that  a  charge  of  partiality  had 

ready  written  to  Levi  Woodbury,  later  Secretary  of  the  Treasury,  in  reply  to 
charges  against  Mason  and  it  was  to  follow  up  this  complaint  that  he  now  wrote 
to  Lenox. 

1  Major  John  Tilford,  President  of  the  Northern  Bank  of  Kentucky.  A  close 


74    Correspondence  of  Nicholas  Biddle 

been  made  against  the  Cashier  and  directory  of  the  Branch 
of  the  United  States  Bank,  at  this  place,  in  the  administration 
of  the  business  of  the  office:  of  discounting  more  freely  the 
paper  of  the  friends  of  the  administration  than  that  of  their 
political  opponents,  and  thereby  permitting  political  feelings 
to  influence  them  in  loaning  the  money  of  the  Bank. 

I  was,  as  you  know,  appointed,  last  winter,  a  director  of 
that  office;  and  I  am  the  only  one,  in  the  direction,  who  was 
in  favor  of  the  election,  and  who  is  friendly  to  the  adminis 
tration,  of  General  Jackson.  Since  my  appointment  I  have 
been  pretty  punctual  in  my  attendance  at  the  meetings  of  the 
board;  and  I  am  happy  to  be  able  to  say  that,  since  my  attend 
ance  there,  the  charge  of  partiality  is  entirely  groundless :  in 
no  single  instance  have  the  political  opinions  of  applicants 
for  discounts,  ever  been  mentioned  by  any  gentleman  in  the 
direction;  the  solvency  and  punctuality,  of  the  drawers  and 
endorsers  of  offered  paper,  are  the  only  questions  that  have 
been  discussed  there.  In  cases,  too,  of  indulgence,  the  direc 
tors,  in  granting  or  refusing  them,  have  been  influenced  by 
reasons  affecting  the  interest  of  the  Bank,  and  not  by  politi 
cal  considerations.  I  can  say  more:  from  the  character  of  the 
paper  which  became  due  after  my  appointment,  but  which 
was  discounted  before,  I  am  certain  that  equal  impartiality 
governed  the  board  at  the  time  it  was  discounted. 

So  far,  then,  •  as  my  observation  extends,  no  charge  can 
be  more  unfounded;  nor  can  I  believe,  from  my  acquaintance 
with  the  gentlemen  in  the  direction,  and  particularly  with 
Mr.  Tilford  the  President,  and  Mr  Harper  the  Cashier,  that 
the  charge  was  ever  true.  With  the  greatest  respect  I  am, 

friend  of  R.  M.  Johnson  of  Kentucky,  later  Vice-President  under  Van  Buren.  Cf. 
Johnson  MSS.  in  Library  of  Congress. 


70  A.  Dickins  7  5 


BIDDLE  TO  GENERAL  THOMAS  CADWALADER 

On  board  the  Steam  Boat  off 
Point  Judith 

Aug1.  28,  1829 
My  dear  Sir, 

...  I  can  now  say  with  the  utmost  confidence  that  the 
whole  is  a  paltry  intrigue  got  up  by  a  combination  of  small 
bankrupts  &  smaller  Demagogues  —  that  if  the  choice  were 
to  be  made  again,  we  ought  to  choose  Mr  Mason  —  and  that 
to  have  him  out  or  not  to  support  him  fully  would  be  to  suf 
fer  ourselves  to  be  tramped  down  by  the  merest  rabble.  .  .  . 

BIDDLE  TO  A.  DICKINS 

(Private)  Philada:  Septr.  1 6,  1829 

My  dear  Sir 

I  received  yesterday  your  favor  of  the  13th  instant,  & 
thank  you  for  its  suggestions,  which  are,  I  am  sure  dictated 
by  great  kindness.  But  I  cannot  go  to  Washington  at  present. 
I  find  here  a  state  of  things  which  I  really  think  I  had  no  rea 
son  to  anticipate.  No  man,  not  the  noisiest  partizan  in  the 
country  has  taken  more  pains  to  make  the  financial  opera 
tions  of  the  administration  useful  to  the  country  &  creditable 
to  themselves.  And  what  is  the  return.  Constant  abuse  of  the 
Bank  from  the  press  which  is  the  official  organ  of  that  Ad 
ministration —  during  my  absence  the  Secretary  at  War1 
makes  a  most  extraordinary  notation  of  its  rights —  and  now 
I  have  on  my  table  an  official  communication  of  the  views 
of  the  Administration  as  to  the  manner  in  which  the  Bank 
ought  to  choose  &  remove  its  Officers.  For  the  two  first  I 

1  John  H.  Eaton  of  Tennessee. 


7  6    Correspondence  of  Nicholas  Bid  die 

care  nothing,  except  so  far  as  they  may  indicate  the  disposi 
tion  to  condemn  &  to  encroach,  but  the  last  cannot  be  passed 
without  notice.  It  is  regarded  generally  by  the  Board  as  show 
ing  a  determination  to  injure  the  independence  of  the  Bank, 
on  a  point  where  it  is  peculiarly  sensitive  as  well  from  duty  as 
from  honor,  &  accordingly  they  think  that  it  should  be  re 
sisted  at  all  hazards.  And  so  it  shall  be.  I  have  sent  today 
to  the  Secretary  their  unanimous  views  on  the  subject,  in 
which  none  of  the  members  concur  more  heartily  than  the 
friends  of  the  Administration.1 

I  regret  all  this  exceedingly.  You  know  my  indifference  to 
Party  &  how  well  disposed  I  was  to  act  cordially  with  the 
present  Administration  —  &  particularly  with  your  new  Sec 
retary.  But  having  done  my  duty  to  them,  I  will  not  give  way 
an  inch  in  what  concerns  the  independence  of  the  Bank,  to 
please  all  the  Administrations  past,  present  or  future.2 

The  bigots  of  the  last  reproached  me  with  nothing  for  them 
—  the  bigots  of  the  present  will  be  annoyed  that  the  Bank 
will  not  support  them.  Be  it  so,  I  care  nothing  for  either  class 
of  partizans  &  mean  to  disregard  both. 

The  Portsmouth  affair  I  found  after  an  examination  of  six 
days,  to  be  a  very  small  intrigue  to  supplant  an  honest  & 
excellent  officer,  who  was  of  course  continued  in  his  place. 

Having  by  my  official  letter  of  to  day,  satisfied  my  sense 
of  duty  by  rejecting  all  interference  in  the  concerns  of  the 
Bank,  I  have  no  further  feeling  on  the  occasion,  &  shall  in  any 
event  take  care  that  as  far  as  I  am  concerned  the  relations  of 
the  Bank  with  the  Treasury  shall  be  as  kindly  as  heretofore. 

1  The  correspondence   between  Biddle  and  Secretary  Ingham  is  fully  dis 
cussed.   Bassett,  op.  cit.,  vol.  n,  pp.  594-597. 

2  Dickins  later  claimed  that  Ingham  was  innocent  of  the  inception  of  the 
attack. 


o  A.  Dickins  77 


BIDDLE  TO  A.  DICKINS  ESQ 

Phila.  Septr.  3Oth.  1829 
My  dear  Sir 

The  mail  of  this  morning  brought  me  your  favor  of  the 
28th  inst.  the  business  part  of  which  was  immediately  ar 
ranged. 

I  regret,  my  dear  Sir,  this  controversy  as  much  as  you  can 
&  would  gladly  have  shunned  it,  but  believing  that  it  is  safer 
for  the  country  to  have  no  Bank  than  to  have  it  subject  to 
political  influences,  it  was  impossible  not  to  resist  these  pre 
tensions  from  so  many  quarters  to  interfere  in  its  admin 
istration.  In  doing  this  I  am  not  conscious  of  having  gone 
beyond  the  limits  of  a  necessary  self  defence;  and  no  one 
would  regret  more  than  I  would,  if  I  thought  you  right  in 
believing  that  the  Board  had  persisted  in  imputing  to  Mr 
Ingham  1  a  purpose  which  he  has  disavowed.  But  what  the 
Board  imputed  to  him  &  what  has  he  disavowed?  He  has  in  so 
many  words,  sent  to  the  Board  the  views  of  the  administra 
tion  as  to  the  mode  in  which  they  ought  to  choose  and  dis 
miss  their  officers  saying  that  it  is  his  "high  public  duty"  to 
communicate  it  &  their  "very  high  obligation"  to  conform 
to  it.  All  that  the  Board  have  answered  is,  that  he  had  no 
right  to  give  advice  —  and  that  if  he  had,  the  advice  is  bad. 
They  have  never  imputed  to  him  a  design  to  acquire  undue 
influence  —  they  have  only  said  that  his  theory  would  lead 
to  it.  They  have  never  imputed  to  him  a  connexion  with  the 
movements  of  other  people  —  they  have  only  cited  these 
movements  in  illustration  of  the  danger  of  his  theory.  I  hope 

1  Secretary  of  the  Treasury  for  President  Jackson.  Resigned  when  the  Cabi 
net  was  broken  up  presumably  on  account  of  Mrs.  Eaton. 


78     Correspondence  of  Nicholas  Bid  die 

most  sincerely  that  he  has  no  such  connexion  &  would  be 
the  first  to  render  justice  to  him  whenever  an  opportunity 
occurs.  For  really  he  ought  not,  and  I  am  sure  will  not  ascribe 
to  us  the  least  unkindness  toward  him.  To  show  you  the 
temper  in  which  this  whole  matter  has  been  conducted,  I  will 
mention  a  simple  fact.  The  only  political  character  in  the 
Board  is  Mr.  Sergeant  and  he  was  a  member  of  the  Committee 
to  whom  Mr.  Inghams  first  letter  was  referred.  But  so  fearful 
was  I  lest  any  political  bias  should  interfere,  that  I  would  not 
communicate  with  Mr.  Sergeant —  nor  was  he  consulted  until 
during  my  absence  his  professional  opinion  was  asked  about 
the  removal  of  the  Pension  Office,  he  being  the  standing  coun 
sel  of  the  Bank.  Moreover  of  the  five  gentlemen  composing 
that  Committee,  two  were  the  political  friends  of  Gen1. 
Jackson.  All  our  predispositions  therefore  were  kindly,  and  it 
was  not  until  the  feelings  &  the  spirit  of  the  Board  were 
wounded,  that  they  were  compelled  to  vindicate  the  inde 
pendence  of  the  Institution. 

Having  done  this,  all  feeling  has  subsided  &  it  will  remain  for 
the  Secretary  himself  to  restore  the  relations  of  the  Bank  &  the 
Treasury  to  their  former  friendly  footing.  He  has  only  to  say 
that  we  have  misapprehended  him —  that  he  did  not  claim 
a  right  to  interfere  with  the  concerns  of  the  Bank  —  and  had 
nothing  to  do  with  the  movement,  of  these  other  people  — 
and  I  should  immediately  say,  as  I  have  no  doubt  the  Board 
would  say,  that  the  explanation  was  very  agreeable  —  that 
we  regretted  any  misapprehension,  and  any  expression  on 
the  part  of  the  Board  which  might  be  considered  as  applying 
to  a  supposed  design  to  interfere  would  of  course  be  inappli 
cable  on  the  present  occasion.  This  I  think  he  might  do  with 
great  propriety  and  I  am  sure  that  he  would  be  met  in  the 


From  William  B.  Lewis         79 

most  friendly  temper.  He  ought  to  do  it,  because  I  think  he 
began  this  whole  business.  My  impression  is  that  he  would 
have  done  well  to  say  in  answer  to  Mr  Woodbury  that  he 
should  apply  to  the  Bank  and  not  to  the  Treasury  there  be 
ing  a  peculiar  awkwardness  in  any  interference  on  the  part 
of  the  Secy.  Not  having  done  so  he  has  become  inevitably 
blended  with  these  other  movements  of  a  parcel  of  intriguers, 
all  participation  in  which,  he  owes  it  to  himself  to  disclaim. 
No  one  will  be  better  pleased  than  I  shall  be  at  his  doing  so. 
I  had  intended  on  my  return  from  the  North  to  explain  to 
the  Secy  the  whole  machinery  of  this  cabal  of  which  he  was 
to  have  been  made  the  unconscious  instrument  &  to  put  him 
on  his  guard  against  similar  machinations  in  future.  But  the 
tone  of  his  second  letter  made  me  abstain  from  any  thing 
which  might  be  misconstrued  into  an  acknowledgement  that 
he  was  entitled  to  any  such  explanations.  .  .  . 

WILLIAM  B.  LEWIS  1  TO  BIDDLE 

Washington  Octr.  i6th  1829 
D.  Sir, 

Your  letter  of  the  I4th  Inst.  inclosing  one  from  Mr 
Dun  of  Lexington,  was  received  by  the  mail  of  yesterday 
morning.  I  have  not  the  pleasure  of  being  personally  ac 
quainted  with  Mr  Dun,  but  am  told  by  those  who  know  him, 
that  he  is  a  highly  reputable  gentleman.  His  letter,  as  re 
quested,  has  been  shown  to  the  President  who,  with  compli 
ments,  desires  me  to  express  to  you  his  thanks  for  the  in 
formation  it  contains.  He  certainly  has  been  led  to  believe, 
from  the  complaints  of  his  friends,  during  the  pendency 
of  the  presidential  election,  that  the  Lexington  Branch  in 
1  A  member  of  the  Kitchen  Cabinet  and  a  close  friend  of  President  Jackson. 


8o     Correspondence  of  Nicholas  Bid  die 

disbursing  its  golden  favours,  in  the  way  of  discounts,  had 
manifested  great  partiality.  It  is  gratifying  to  him  however, 
he  says,  to  learn  that  probably  there  was  no  just  cause  for 
those  complaints,  or  at  least,  that  they  probably  had  been 
much  exaggerated.  He  requests  me  to  say,  that  he  has  too 
much  confidence  in  you  to  believe,  for  a  moment,  that  you 
should  knowingly  tolerate  such  conduct  in  the  Branches  of 
your  Bank;  but  from  the  complaints  which  are  still  made  with 
regard  to  some  of  them,  particularly  the  one  at  New  Orleans, 
he  thinks  it  not  improbable  that  party  feeling  may  yet  have 
some  influence  upon  their  operations.  He  hopes  this  may 
not  be  the  case,  but  an  inquiry  into  the  cause  of  those  com 
plaints,  and  a  removal  of  the  ground  if  there  be  any  for  them, 
is  an  object,  he  thinks,  worthy  the  attention  of  the  Parent 
Bank.  The  President  thinks,  as  you  do,  that  the  Bank  of  the 
U.  States  should  recognise  no  party;  and  that,  in  all  its  opera 
tions,  it  should  have  an  eye  single  to  the  interest  of  the  Stock 
holders  and  the  good  of  the  country.  .  .  . 

BIDDLE  TO  WILLIAM  B.  LEWIS 

Phila.  Octr.  2i8t,  1829 
Dear  Sir 

Your  favor  of  the  i6th.  inst.  was  very  acceptable  as  it 
satisfied  me  of  what  I  could  never  permit  myself  to  doubt, 
that  the  views  of  the  President  were  in  perfect  accordance 
with  those  of  the  Bank  in  regard  to  the  exclusion  of  party 
feelings  from  its  administration.  The  fact  is  that  among  the 
Directors,  it  is  considered  not  simply  a  duty,  but  a  point  of 
honor,  not  to  yield  to  party  spirit  —  and  they  would  anx 
iously  &  zealously  prevent,  or  punish  it  should  it  occur  on 
the  part  of  any  of  their  Officers. 


From  Matthew  L.  Bevan         8 1 

I  cannot  give  you  a  stronger  proof  of  that  disposition  than 
this  letter  will  afford.  You  remark  in  your  favor  of  the  i6th 
inst.  that  complaint,  had  reached  the  President  of  politi 
cal  feelings  shown  in  the  direction  of  the  Branch  at  New  Or 
leans.  The  Cashier  of  that  Branch  is  here  &  on  the  point  of 
sailing  for  New  Orleans.  But  I  have  instructed  him  to  go 
immediately  to  Washington,  to  satisfy  the  President,  which 
I  think  he  can  readily  do,  that  the  statements  he  has  heard, 
are  erroneous,  and  at  any  rate  to  hear  precisely  what  the  al 
legations  are  in  order  that  on  his  arrival  at  New  Or 
leans  he  may  furnish  the  necessary  refutation  of  them.  It 
is  the  purpose  of  this  letter  to  request  that  you  will  have 
the  goodness  to  put  Mr  Jaudon  1  in  the  way  of  attaining  this 
object.  He  is  a  gentleman  of  high  character  and  capacity 
—  inferior  to  no  other  Officer  in  the  Bank  &  with  very  few 
equals  in  the  country  for  intelligence  and  knowledge  of 
business. 

It  will  afford  me  great  pleasure  to  see  you  when  you  visit 
Philada.  &  in  the  mean  time  I  remain 

MATTHEW  L.  BEVAN  2  TO  BIDDLE 

Private  Washington  City  Octr  21*  1829 

My  dear  Sir 

...  I  cannot  withhold  a  moment  the  pleasure  it  give 
me  in  saying  that  the  result  of  my  visit  is  most  satisfactory, 
in  as  much  as  the  President  expressed  himself  in  the  most  clear 
and  decided  manner  friendly  to  the  Bank  "  that  it  was  a 
blessing  to  the  Country  administered  as  it  was,  diffusing  a 
healthfull  circulation,  sustaining  the  general  credit  without 

1  Samuel  Jaudon,  Cashier  of  the  Bank  and  trusted  friend  of  Biddle. 
1  Later  President  of  the  Bank  of  the  United  States  of  Pennsylvania. 


82     Correspondence  of  Nicholas  Biddle 

partiallity  or  political  bias  "  that  he  entertained  a  high  re 
gard  for  its  excellent  President  (I  use  his  own  words)  who 
with  the  Board  of  the  Parent  Bank  possess'd  his  entire 
confidence  and  indeed  his  thanks  for  the  readiness  and 
cordiality  with  which  they  seemed  to  meet  views  of  the 
Government  —  he  said  it  was  true  many  complaints  had 
been  made  of  partiality  in  the  Branches  in  Kentucky  and 
New  Orleans,  but  further  added  if  these  complaints  have 
any  Just  foundation,  he  was  persuaded  the  Parent  board 
knew  nothing  of  them,  and  if  they  did  would  not  sanction 
them.  .  .  . 

SAMUEL  JAUDON  TO  BIDDLE 

Philadelphia,  Octr  26th  1829 
Dr  Sir, 

Agreeably  to  your  instructions,  I  proceeded  on  Thurs 
day  last  to  Washington  City,  for  the  purpose  of  inquiring 
into  the  reports  which  had  reached  the  Government  of  the 
exercise  at  the  Office  in  New  Orleans  of  a  political  influence 
unfavorable  to  the  present  Administration.  In  this  visit,  I 
had  the  good  fortune  to  be  accompanied  by  John  Hagan, 
Esquire,  one  of  the  Directors  of  our  Office,  and  a  personal  as 
well  as  political  friend  of  the  President. 

Immediately  after  our  arrival  there  on  Friday  morning,  we 
called  on  Major  Lewis,  to  whom  I  handed  your  letter,  which 
introduced  a  free  and  full  conversation.  In  reply  to  my  in 
quiries  he  stated,  that  letters  had  been  received  from  New 
Orleans  containing  accusations,  in  general  terms,  that  the 
Board  of  the  Office  there  were  actuated  in  the  performance 
of  their  duties  by  political  feelings  hostile  to  the  Administra 
tion,  but  that  no  specific  charges  had  as  yet  been  made.  I  re- 


From  Samuel  Jaudon  8  3 

marked,  that  we  could  only  meet  general  accusations  by  gen 
eral  denials,  and  that  I  did  deny  in  the  most  unqualified  man 
ner  that  there  was  the  least  ground  for  the  charge;  that  I 
could  appeal  confidently  to  the  Books  of  the  Office  to  shew 
that  no  paper  had  been  rejected  but  upon  sufficient  commer 
cial  grounds;  that  if  any  specific  charges  should  be  preferred, 
I  should  be  able  to  give  the  most  convincing  proofs  that  our 
Board  had  acted  only  on  the  strictest  Banking  principles  with 
out  the  least  reference  to  party  views  or  partialities  —  and 
that  I  knew  that  I  should  be  fully  borne  out  in  these  asser 
tions  by  those  of  our  present  as  well  as  former  Directors 
who  are  the  personal  and  political  friends  of  the  President. 
These  statements,  and  others  which  I  urged  of  a  similar  na 
ture,  were  unhesitatingly  seconded  and  confirmed  by  Mr 
Hagan.  Major  Lewis  expressed  himself  perfectly  satisfied, 
and  promised  to  communicate  to  the  President  your  letter 
and  our  representations;  and  he  invited  us  to  call  upon  the 
President  in  the  evening. 

We  accordingly  did  call,  and  were  received  by  the  Presi 
dent  in  the  most  friendly  manner.  After  conversing  for  some 
time  upon  general  subjects,  the  President  remarked,  that 
some  letters  had  been  received  from  New  Orleans  containing 
charges  against  the  Office  there  of  the  perversion  of  its  in 
fluence  to  party  purposes,  but  that  he  was  pleased  to  find 
from  your  letter  to  Major  Lewis,  and  from  the  assurances  of 
Mr.  Hagan  and  myself,  that  there  was  no  foundation  for 
these  charges;  that  party  feelings,  he  knew,  often  blinded  the 
judgment,  and  led  us  to  imagine  faults  where  none  existed, 
and  that  men  were  particularly  apt  to  make  a  charge  of  the 
kind  alluded  to  against  a  Bank  which,  with  however  good 
reason,  withheld  from  them  its  favors;  that  he  was  entirely 


84    Correspondence  of  Nicholas  Biddle 

convinced  that  no  hostility  to  his  administration  was  exer 
cised  by  the  Board  of  the  Parent  Bank,  and  that  in  reference 
to  yourself  particularly  he  had  the  most  unbounded  confi 
dence  in  the  purity  of  your  intentions;  that  the  support  which 
you  had  given  to  the  financial  operations  of  the  Government 
was  of  the  most  gratifying  as  well  as  effectual  kind,  and  that 
he  wished  for  nothing  from  the  Bank  but  its  cordial  and  lib 
eral  cooperation  in  matters  of  this  nature.  He  should  have 
been  satisfied,  he  said,  by  your  letter  alone  of  the  want  of 
any  foundation  for  the  accusations  against  the  Office  at  New 
Orleans;  and  from  my  unqualified  denials  as  well  as  my  readi 
ness  to  meet  the  charges,  and  from  the  testimony  of  Mr  Hagan, 
not  the  least  doubt  remained  on  his  mind.  He  appeared  to  be 
much  gratified,  that  we  should  have  paid  this  visit  with  the 
sole  view  of  obliterating  unfounded  impressions,  evincing  as 
it  did  the  wish  of  the  Bank  to  remove  all  obstacles  to  the  most 
perfect  good  understanding. 

Throughout  our  interview,  which  lasted  for  an  hour,  the 
tone  and  manner  of  the  President  were  of  the  most  mild 
and  friendly  character,  and  both  Mr  Hagan  and  myself 
took  our  leave  under  the  full  conviction  that  we  had  to 
the  extent  of  our  wishes  accomplished  the  object  of  our 
visit.  I  do  not  pretend,  to  have  given  you  the  precise  lan 
guage  of  the  President,  tho'  I  have  followed  it  as  far  as  my 
recollection  serves. 

EXTRACT  FROM  WILLIAM  B.  LEWIS  TO  HENRY  TOLAND 

Washington  Novr.  9,  1829 

Say  to  Mr  Biddle  the  President  is  much  gratified  with  the 
report  I  have  made  him  upon  the  subject  of  his  Bank,  all 
things  with  regard  to  it  will  be  well. 


From  William  B.  Lewis          85 

FROM  THE  SAME  TO  THE  SAME 

Novr.  n,  1829 

If  you  see  Mr  Biddle  say  to  him  the  President  would  be 
glad  to  see  his  proposition  for  sinking  or  paying  off  the  three 
per  cent  Stock.1  He  had  better  write  to  me  when  his  leisure 
will  permit  &  I  will  submit  it  to  the  General.  I  think  we  will 
find  the  old  fellow  will  do  justice  to  the  Bank  in  his  message 
for  the  handsome  manner  in  which  it  assisted  the  Gov1  in 
paying  the  last  instalment  of  the  National  debt.2 

WILLIAM  B.  LEWIS  TO  BIDDLE 

Washington  Novr.  15th  1829 
D.  Sir, 

I  wrote  last  evening  to  Mr  H.  Toland  3  informing 
him  that  some  of  his  friends  here  were  anxious  that  he  should 
be  run  for  the  appointment  of  Clerk  to  the  House  of  Repre 
sentatives  in  Congress.  I  think,  if  he  will  consent  to  serve, 
he  can  be  elected,  and  he  should  not,  it  seems  to  me  object  to 
it.  I  wish  you  would  see  and  advise  with  him  on  this  subject. 
There  is  a  very  large  majority  of  the  members  of  the  next 
Congress  in  favour  of  the  present  Administration,  and  I  am 
sure  there  can  be  no  wish  on  their  part  to  reelect  Mr  Clark(e)4 
nor  do  1  believe  the  opposition  members  have  any  partiality 
for  him.  If  Toland  will  consent  to  let  his  friends  place  his 
name  before  the  House,  you  can  serve  him  very  efficiently, 
I  have  no  doubt,  by  speaking  to  Webster  and  enlisting  him 
and  other  New  England  members  in  his  behalf.  I  am  sure 

1  For  a  discussion  of  this  topic,  cf.  Catterall,  op.  cit,,  pp.  146,  151,  269^273. 

2  This  extract  is  in  Biddle's  own  handwriting. 
8  Representative  from  Pennsylvania. 

4  Matthew  St.  Clair  Clarke  of  Pennsylvania. 


86     Correspondence  of  Nicholas  Biddle 

they  can  have  no  predelections  in  favour  of  Clark,  and  with 
a  little  pains  could  be  got  to  vote  for  Toland.  Mr  Ingham 
for  particular  reasons  will  support  Mr  Clark,  and  such  of  the 
Penna.  delegation  as  are  under  his  influence  (Dr  Sutherland  1 
and  two  or  three  others)  will  vote  for  him;  but  I  have  no 
doubt,  a  decided  majority  would  support  our  friend.  It  will 
be  well  to  see  Mr  Hemphill,2  and  converse  with  him  upon 
the  subject,  and  if  he  should  be  favourably  disposed,  get 
him  to  write  to  his  friends  —  particularly  Judge  Wilkins 3  of 
Pittsburgh,  and  old  Mr  Ross.  You  will  have  a  fine  opportu 
nity  of  seeing  your  Eastern  friends  (I  mean  such  as  you  can 
venture  to  speak  to)  as  they  pass  thro'  Phila.  on  their  way  to 
Congress,  and  enlisting  them  in  the  support  of  Toland. 

I  have  taken  the  liberty,  my  dear  sir,  of  writing  to  you  upon 
this  subject,  because  I  know  you  feel,  as  I  do,  a  deep  interest 
in  the  welfare  of  Mr  Toland,  and  will  most  cheerfully  aid  in 
whatever  may  tend  to  his  benefit.  Should  he  be  appointed 
Clerk  to  the  House  it  may  lead  to  results  still  more  impor 
tant  to  him  —  it  may  ultimately  be  the  means  of  relieving 
him  from  his  pecuniary  embarrassments. 

I  intimated  in  my  letter  to  him,  of  last  night,  that  should 
he  consent  to  be  a  candidate,  it  might  be  well  to  let  it  be  an 
nounced  in  one  of  your  papers  &c.  On  reflection  I  am  inclined 
to  think  it  would  be  best  to  say  nothing  about  it  in  the  papers 
-  instead  of  that  course  it  would  be  better  for  Toland  to  write 
to  some  of  the  leading  members  elect. 

I  have  no  hesitation  in  saying  that  he  will  be  supported  by 
all  the  leading  and  personal  friends  of  the  President  here  — 

1  Representative  frotn  Pennsylvania.         2  Representative  from  Pennsylvania. 

3  President  of  the  Bank  of  Pittsburgh  and  President  of  the  Pittsburgh  Manu 
facturing  Company.  Senator  from  Pennsylvania,  1831-1834.  Later  Minister  to 
Russia  and  Secretary  of  War  in  Tyler's  Cabinet. 


To  George  Hoffman  87 

such  as  Major  Barry,  !Mr.  Van  Buren,  Major  Eaton,  Major 
Smith,  Major  Campbell  &c  &c.  In  fact  I  think  if  he  will  con 
sent  to  let  his  name  be  run  that  he  can  be  elected.  Should  he 
determine  on  this  he  ought  to  come  on  here,  at  least  two 
weeks  before  Congress  meets.  Write  me  in  relation  to  this 
scheme.2 

BIDDLE  TO  GEORGE  HOFFMAN 

Washington  Novr.  22nd  1829 
Dear  Sir 

.  .  .  The  best  feelings  are  entertained  toward  the  bank 
by  those  whose  opinions  are  most  valuable  and  most  useful. 
I  am  very  desirous  of  making  &  for  that  purpose,  am  par 
ticularly  solicitious  to  avoid  giving,  at  the  present  moment, 
any  occasion  for  the  revival  of  a  jealousy  which  has  been  re 
cently  and  deeply  felt,  in  regard  to  the  apparent  exclusion  or 
omission  from  the  Local  Boards  of  persons  favorable  to  the 
present  administration.  My  stay  in  Baltimore  was  too  short 
to  allow  me  to  consult  with  you  on  the  subject,  but  Mr.  Colt 
mentioned  the  names  of  five  gentlemen  who  were  to  be 
nominated  and  all  of  whom,  it  appeared,  were  in  opposition 
to  the  present  administration  so  that  out  of  the  whole  13, 
there  are  only  two  gentlemen  who  are  in  political  harmony 
with  the  administration.  You  know,  my  dear  Sir,  how  en 
tirely  indifferent  I  am  to  what  are  called  politics  &  how  un 
willing  I  am  to  introduce  things  of  that  kind  into  the  affairs 

1  Postmaster-General  under  Jackson. 

2  The  whole  plan  ultimately  failed,  as  the  Pennsylvania  delegation,  with  the 
exception  of  Mr.  Hemphill,  determined  to  support  Mr.  Clarke.  Accordingly  To- 
land's  name  was  not  even  submitted  as  a  candidate.  However,  the  real  importance 
of  this  letter  lies  in  the  fact  that  Lewis  broached  Biddle  on  the  subject.  The  letter 
indicates  that  Lewis  was  trying  to  get  in  touch  with  Biddle  on  political  affairs  and 
that  he  fully  realized  the  latter's  influence. 


88     Correspondence  of  Nicholas  Riddle 

of  the  Bank.  At  the  same  time,  it  is  proper  in  itself,  as 
well  as  highly  expedient,  not  to  give  unnecessary  offence 
&  not  to  do  anything  which  might  have  the  appearance 
of  partiality.  I  am  afraid  that  this  great  disproportion,  tho' 
entirely  accidental,  may  be  the  ground  of  objection  &  re 
proach.  .  .  . 

ALEXANDER  HAMILTON  1  TO  BIDDLE 

New  York  Dec.  ioth  1829 
Dear  Sir. 

If,  after  the  receipt  of  your  first  letter,  sufficient  time 
had  remained  for  any  valuable  interference,  on  your  part,  at 
Washington,  and  you  had  not  appeared  quite  so  confident  in 
your  conclusions,  I  should  have  endeavoured  to  prove,  that 
you  were  under  a  delusion.  The  die  is  now  cast;  2  it  there 
fore,  only  remains  for  you,  to  make  the  best  of  an  unpromis 
ing  cause.  I  have  no  doubt  the  executive  was  perfectly  sin 
cere,  and  of  this  there  is  internal  evidence  sufficient,  in  the 
alternative  he  proposes.  I  am  confident,  had  the  subject  been 
examined  by  him,  without  influence,  he  never  would,  for  a 
moment,  have  entertained  the  project  of  establishing  a  Na 
tional  Bank,  the  dangerous  tendencies  of  which  are  so  entirely 
at  variance  with  his  patriotism. 

As  I  have  trespassed  thus  far,  I  feel,  as  if  I  would  rather 
proceed,  than  retreat,  with  an  assurance  of  my  best  re 
spects. 

1  Son  of  the  great  Alexander  Hamilton.  Born  May  16,  1786;  died  August  2, 
1875.  With  the  Duke  of  Wellington  in  Portugal  in  1811  and  served  as  aide-de-camp 
to  General  Morgan  Lewis  in  1814.  In  1823  one  of  the  three  United  States  Florida 
Land  Commissioners.  Last  years  spent  in  real  estate  speculations  in  New  York. 

2  Cf.  Richardson,  J.  D.  (editor),  Messages  and  Papers  of  the  Presidents  (Wash 
ington,  1896-1899),  vol.  n,  p.  462. 


From  Alexander  Hamilton        89 

In  presenting  to  your  consideration,  the  reflections  that 
have  occurred  in  my  mind,  I  can  forsee  no  injury,  and  conse 
quently  offer  them  gratuitously.  In  the  first  place,  I  would 
suggest  the  propriety  of  abstaining  from  the  expression  of 
any  opinion  intimating  a  want  of  fairness  and  integrity  in  the 
President;  I  am  satisfied  he  feels  no  personal  hostility  and 
consequently  no  conduct  of  the  bank  ought  to  create  such  a 
feeling.  I  would  next  observe,  have  no  confidence  in  Van 
Beuren; *  as  an  aspirant  for  the  Chief  Magistracy,  he  is  with 
out  principle,  and  totally  destitute  of  sincerity.  In  the  West, 
especially  in  Kentucky,  the  friends  of  the  Administration  are 
against  you,  &  on  the  majority  in  this  State,  you  can  make  as 
little  calculation;  these  are  sufficient  causes  to  govern  this 
gentleman;  he  may  smile  and  seem  gratious,  it  will  only  be 
to  deceive.  Under  these  circumstances,  do  you  not  think  it 
would  be  very  unwise  policy  to  make  any  application  to  Con 
gress,  in  relation  to  the  Bank  at  the  present  session?  You  can 
lose  nothing  by  the  delay,  and  may  acquire,  independent  of 
the  opportunity  to  explain  the  character  of  your  operations, 
the  nature  of  the  exchanges  and  the  absolute  impossibility, 
in  any  well  regulated  and  decently  administered  Institution, 
to  equalize  the  currency,  the  chance  of  some  political  changes, 
either  here  or  in  Europe,  which  may  have  propitious  influence 
on  the  measures  of  our  government.  To  anticipate  any  con 
gressional  patronage,  in  the  existing  state  of  things,  in  direct 
opposition  to  the  President's  avowed  sentiments,  the  secret 
but  artful  hostility  of  aiming  intriguers,  with  the  whole  host 
of  Jackson  Papers,  would  be  to  encourage  expectations,  cer 
tain  to  be  disappointed,  and  if  unsuccessful,  ruinous.  There 

1  This  is  the  accepted  view  of  Van  Buren  by  the  followers  of  the  Bank,  as  is 
shown  by  the  later  correspondence. 


90    Correspondence  of  Nicholas  Bid  die 

can  be  no  doubt  as  to  the  difficulties  you  will  have  to  encoun 
ter,  and  there  is  as  little  question  that  precaution  is  your  only 
dependence. 

The  affairs  of  the  Bank  must  not  be  brought  under  discus 
sion,  through  any  friendly  suggestion;  if  its  opponents  should 
commence  the  charge,  the  defence  would  afford  a  fair  oppor 
tunity  for  explanation,  and  one  a  less  ungracious  to  expose  the 
anti  republican  scheme  of  a  government  bank,  and  the  absurd 
expectation  that  the  currency  could  be  equalized  by  any, 
however  organized.  It  would  not  be  more  absurd  to  contend 
that  the  government  ought  or  could  regulate  our  exchanges 
on  Europe.  These  variations  are  the  rights  and  consequences 
of  free  commercial  intercourse,  and  any  influence  that  pre 
vents  extravagant  changes  affects  all  that  is  desirable;  and 
I  venture  to  predict,  if  a  perfect  equality  ever  be  established, 
it  will  be  of  short  duration,  a  deleterious  stagnation;  the  paper 
fountains  would  overflow,  until  the  country  was  deluged  with 
irresponsible  emissions.  It  is  not  improbable,  Mr  Barbour, 
encouraged  by  the  Executive  thrust,  may  renew  his  proposi 
tion  to  sell  the  stock  held  by  the  Government,  which  would 
afford  a  favourable  opportunity  for  every  necessary  explana 
tion;  acting  on  the  defensive,  you  avoid  the  natural  preju 
dices  of  the  mind,  to  prejudge  and  exclude  information,  and 
may  make  friends,  instead  of  creating  enemies.  The  nation 
can  have  no  interest  in  the  sale  of  the  stock,  for  whatever 
may  be  its  present  price;  without  the  interference  of  the 
bank,  it  would  bring  par  value;  if  such  be  the  fact  well  un 
derstood,  the  proposition  would  be  defeated  and  the  Bank 
will  have  gained,  without  risk,  the  opportunity  for  expla 
nations. 

To  them  who  have  observed  the  political  horizon  with 


To  George  Hoffman  9 1 

attention,  there  is  no  part  of  our  internal  history  better 
established,  than  that  the  present  affords  no  certain  index 
of  the  future,  lest  it  be  to  teach  the  lesson  of  prudence. 

I  wish  not  to  trespass  longer;  in  the  cause  of  the  public,  I  am 
a  volunteer,  and  while  I  do  not  transgress  too  far,  harmless, 
in  which  situation  I  have  the  honor  to  be  your 

BIDDLE  TO  ALEXANDER  HAMILTON 

Phil3.  December  12th,  1829 
Dear  Sir 

I  received  this  morning  your  favor  of  the  ioth.  inst. 
which  I  have  read  with  great  pleasure.  The  view  it  presents 
are  quite  sound  &  correspond  exactly  with  those  entertained 
here.  My  impression  is  that  these  opinions  expressed  by  the 
President  are  entirely  &  exclusively  his  own,  and  that  they 
should  be  treated  as  the  honest  tho'  erroneous  notions  of  one 
who  intends  well.  We  have  never  had  any  idea  of  applying  to 
Congress  for  a  renewal  of  the  Charter  at  the  present  session 
—  and  of  course  should  abstain  from  doing  so  now.  Our 
whole  system  of  conduct  is  one  of  abstinence  and  self  defence 

BIDDLE  TO  GEORGE  HOFFMAN 

Phila.  Decr.  15,  1829 
My  Dear  Sir 

I  had  this  morning  the  pleasure  of  receiving  your 
favor  of  the  14th.  You  may  readily  imagine  my  surprize  at 
seeing  the  remarks  in  the  message  after  all  I  had  mentioned 
to  you  in  Baltimore.  But  it  is  better  to  try  to  repair  it  than  to 
regret  it —  and  I  am  not  sure  whether  it  may  not  on  the  whole 
do  good  by  satisfying  the  country  of  the  usefulness  of  the 


92     Correspondence  of  Nicholas  Biddle 

institution  &  spreading  a  very  salutary  dread  of  the  monster 
whom  it  is  proposed  to  substitute  for  it.  The  consolations  on 
the  present  occasion  are,  that  this  is  a  measure  emanating 
exclusively  from  the  President  in  person,  being  the  remains 
of  old  notions  of  constitutionality,1  that  it  is  not  a  Cabinet 
measure  nor  a  party  measure ;  that  the  whole  foundation  of  the 
reproach  of  the  want  of  a  sound  currency  is  so  notoriously  the 
very  reverse  of  the  fact;  and  that  it  has  produced  in  all  quar 
ters  the  most  decided  disapprobation.  .... 

BIDDLE  TO  NATHANIEL  SILSBEE  2 

Phila.  Deer  17th.  1829 
My  dear  Sir 

.  .  .  But  seriously,  I  do  not  feel  the  least  anxiety  about 
this  sortie  of  the  President,  who  with,  I  am  sure,  the  best 
intentions,  has  erred  from  want  of  information  —  what  I 
regret  &  deeply  regret,  is  the  loss  of  individual  property  which 
it  will  occasion  and  the  wound  it  will  inflict  on  the  credit  of 
the  country.  When  I  look  over  the  list  of  Stockholders  &  see 
the  number  of  females,  of  trust  estates,  &  societies  chari 
table  &  religious,  it  is  melancholy  to  see  their  interest  thus 
injured.  This  is  particularly  the  case  with  South  Carolina 
which  owns,  what  two  weeks  ago  was  worth  more  than  five 
millions  of  dollars.  In  regard  to  public  credit,  it  is  very  fortu 
nate  that  the  Chief  Magistrate  of  the  Country  should  make 
an  official  declaration  of  its  insolvency,  —  should  pronounce 
that  what  it  pays  to  foreigners  in  dividends  &  capital  &  what 
it  receives  for  revenue  is  an  unsound  paper.  .  .  . 

1  For  Jackson's  early  views  on  the  Bank,  cf.  Bassett,  op.  tit.,  vol.  II,  pp.  589- 
590. 

2  Senator  from  Massachusetts,  1826-1835. 


Memorandum  93 

MEMORANDUM  * 

Between  Oct.,  1829  and  Jan.  1830 
Mr  Biddle 

(Gen'l  Jackson)  I  was  very  thankful  to  you  for  your 
plan  of  paying  off  the  debt  sent  to  Major  Lewis.  (N.B.)  I 
thought  it  was  my  duty  to  submit  it  to  you.  (Gen'l  Jackson) 
I  would  have  no  difficulty  in  recommending  it  to  Congress, 
but  I  think  it  right  to  be  perfectly  frank  with  you  —  I  do  not 
think  that  the  power  of  Congress  extends  to  charter  a  Bank 
out  of  the  ten  mile  square.  I  do  not  dislike  your  Bank  any 
more  than  all  banks.  But  ever  since  I  read  the  history  of  the 
South  Sea  bubble  I  have  been  afraid  of  banks.  I  have  read 
the  opinion  of  John  Marshall 2  who  I  believe  was  a  great 
&  pure  mind  —  and  could  not  agree  with  him  —  though  if 
he  had  said,  that  as  it  was  necessary  for  the  purpose  of  the 
national  gov*  there  ought  to  be  a  national  bank  I  should  have 
been  disposed  to  concur;  but  I  do  not  think  that  Congress 
has  a  right  to  create  a  corporation  out  of  the  10  mile  square. 
I  feel  very  sensibly  the  services  rendered  by  the  Bank  at 
the  last  payment  of  the  national  debt  &  shall  take  an  oppor 
tunity  of  declarring  it  publicly  in  my  message  to  Congress. 

1  This  memorandum  is  in  Nicholas  Biddle's  handwriting  of  a  conversation 
he  had  with  General  Jackson  in  Washington.  This  letter  Professor  Catterall  took 
for  a  letter  of  President  Jackson  (cf.  Catterall,  op.  cit.,  p.  184),  which  was  later 
corrected  by  Professor  Bassett  in  the  latter's  Life  of  Jackson  (vol.  n,  pp.  599,  600). 
However,  as  published  in  Professor  Bassett 's  Life  of  Jackson  the  memorandum  does 
not  bring  out  the  significance  of  the  extract.   In  order  to  do  this  it  is  necessary  to 
keep  the  two  parties  distinct;  and  with  this  in  view  the  editor  has  designated,  in 
parenthesis,  whether  it  is  Biddle  or  Jackson  who  is  talking.  For  the  correction  and 
final  statement  on  this  most  important  point  the  editor  is  indebted  to  Mr.  Edward 
Biddle. 

2  Marshall  on  McCulloch  vs.  Maryland.  Magruder,  Allan  B.,  John  Marshall 
(Boston,  1892),  pp.  194-197. 


94    Correspondence  of  Nicholas  Eiddle 

That  it  is  my  own  feeling  to  the  Bank — and  Mr  Ingham's 
also.  He  &  you  got  into  a  difficulty  thro'  the  foolishness  — 
if  I  may  use  the  term  of  Mr.  Hill  —  (N.B.  writes)  observ 
ing  he  was  a  little  embarrassed  I  said  (")oh  that  has  all 
passed  now.(")  He  (Jackson)  said  with  the  Parent  Board 
&  Myself  he  had  every  reason  to  be  perfectly  satisfied  — 
that  he  had  heard  complaints  &  then  mentioned  a  case 
at  Louisville  —  of  which  he  promised  to  give  me  the  par 
ticulars. 

(N.B.)  I  said  (")  well  I  am  very  much  gratified  at  this  frank 
explanation.  We  shall  all  be  proud  of  any  kind  mention  in  the 
message  —  for  we  should  feel  like  soldiers  after  an  action  com 
mended  by  their  General.  (")  (Gen'l  Jackson)  Sir  said  he  it 
would  be  only  an  act  of  justice  to  mention  it. 

BIDDLE  TO  SAMUEL  SMITH  1 

Phila.  Jany  2nd.  1830 
My  dear  Sir 

.  .  .  The  expressions  in  the  message  were  the  Presi 
dent's  own  —  not  dictated  nor  suggested  by  any  body  else 
—  &  inserted  in  opposition  to  the  wishes,  if  not  the  advice 
of  all  his  habitual  counsellors.  It  is  not  therefore  a  cabinet 
measure,  nor  a  party  measure,  but  a  personal  measure.  As 
such  it  is  far  less  dangerous  because  if  the  people  know  that 
this  is  not  an  opinion  which  they  must  necessarily  adopt 
as  a  portion  of  their  party  creed  —  but  an  opinion  of  the 
President  alone  —  a  very  honest  opinion  though  a  very  er 
roneous  one — then  the  question  will  be  decided  on  its  own 
merits.  .  .  . 

1  Cf.  sketch  of  life  in  Niles,  April  27,  1839. 


70  John  Potter  95 


BIDDLE  TO  JOHN  POTTER  ESQ. 

Phila.  Jan^  9th.  1830 
My  dear  Sir 

In  our  conversation  yesterday,  you  expressed  a  wish  to 
know  the  situation  in  which  the  Bank  stands  with  regard 
to  Messrs.  Gales  &  Seaton  of  Washington.  I  will  explain  it  to 
you  with  pleasure,  as  I  presume  the  facts  will  remove  an  er 
roneous  impression  with  respect  to  the  Bank  as  well  as  those 
gentlemen  themselves. 

They  were  formerly  in  succession,  Directors  of  the  Branch 
in  Washington,  £  their  debt  amounted  at  one  time  to  about 
Sixty  thousand  dollars.  In  January  1828  being  myself  in 
Washington,  I  found  it  about  Fifty  thousand  Dollars,  which 
I  thought  much  too  high.  I  therefore  resisted  a  recommenda 
tion  to  place  one  of  them  in  the  Board  &  advised  a  reduction 
of  the  debt  which  has  accordingly  been  done,  so  that  I  believe 
the  whole  responsibility  of  both  parties  does  not  now  exceed 
between  eleven  &  twelve  thousand  dollars,  there  having  been 
paid  by  a  sale  of  their  property  since  March  last  more  than 
$30,000.  Even  of  the  present  debt,  about  $5000  was  not  a  loan 
from  the  Branch  but  was  transferred  from  the  Bank  of  Co 
lumbia  in  the  settlement  of  its  affairs  with  the  Branch  so 
that  of  the  sum  actually  lent,  the  amount  now  due  is,  as  you 
perceive,  very  small. 

In  Novr.  1828,  they  applied  for  a  loan  of  $15,000  from  the 
Parent  Bank — and  their  application  was  much  recommended 
by  their  friends  on  the  ground  of  the  usefulness  of  their  paper 
and  the  probability  of  its  discontinuance  if  the  loan  were  not 
made.  But  the  Board  refused  to  make  the  loan.  They  thought 
that  the  only  true  course  of  the  Bank  was  to  lend  its  money 


96     Correspondence  of  Nicholas  Biddle 

on  business  principles  and  with  adequate  security  —  that  no 
distinction  could  be  made  between  its  friends  and  its  enemies 
and  that  to  go  out  of  its  way  to  make  a  loan  to  the  editors 
of  a  newspaper  would  be  to  depart  from  its  system  of  total 
indifference  and  entire  abstraction,  with  regard  to  politics.  In 
the  present  case  too,  the  Bank  might  place  itself  in  the  very 
unbecoming  attitude  of  sustaining  at  the  seat  of  Government 
a  paper  opposed  to  the  existing  administration. 

You  will  think  well  of  our  impartiality  when  I  mention 
that  in  running  my  eye  over  the  Washington  Pay  List,  to 
see  the  liabilities  of  Mess"  Gales  &  Sea  ton,  I  remarked  that 
our  friend  the  Editor1  of  the  Telegraph  has  between  $11  and 
$12,000  —  an  amount  about  the  same  as  the  Editors  of  the 
Intelligencer.  In  truth,  you  know,  my  dear  Sir,  how  con 
stantly  &  strenuously  the  Bank  has  resisted  every  thing  like 
political  influence  believing  as  we  all  do  that  the  moment  the 
Institution  is  subjected  to  any  party,  whether  in  power  or 
out  of  power,  it  becomes  a  curse  to  the  country. 

I  have  spoken  to  you  freely  about  the  pecuniary  affairs 
of  these  parties  —  circumstances,  which  as  a  member  of  the 
Board  I  wish  you  to  know  &  I  confide  them  entirely  to  your 
judgment  and  discretion. 

BIDDLE  TO  JOHN  McKiM  JR  ESQR 

Phila.  Jan?  i8th.  1830 
Dear  Sir 

I  have  received  your  friendly  letter  of  the  i6th.  inst  for 
which  I  thank  you.  You  ask  my  opinion  about  the  fate  of  the 
Bank.  I  will  tell  you  very  frankly.  I  do  not  think  this  attack 

1  Duff  Green  of  Missouri.  The  Telegraph  was  established  in  1826  as  a  Jackson 
organ. 


From  William  B.  Lewis         97 

upon  it  will  do  any  harm,  &  I  think  it  will  rather  benefit  it. 
I  think  so  for  two  reasons  —  First,  that  the  ground  of  the 
attack  (its  failure  to  produce  a  sound  &  uniform  currency) 
is  well  known  by  every  man  in  the  country  to  be  unfounded, 
the  currency  issued  by  the  Bank  being  more  sound  &  uni 
form  than  that  of  any  country  in  the  world  at  this  moment. 
Second,  the  substitute  proposed  for  it  is  one  which  no  man 
who  values  the  liberties  of  the  country  could  agree  to  estab 
lish.  These  things  will  be  perfectly  understood  before  long, 
&  cannot  fail  to  operate  in  favor  of  the  Bank.  I  think  there 
fore  that  the  Stockholders  need  be  under  no  uneasiness.  The 
Bank  is  at  this  moment  in  a  high  state  of  prosperity,  having 
during  the  last  year  divided  7  per  cent,  &  made  all  the  proper 
reservations — and  still  retaining  a  surplus  profit  out  of  the 
years  work  of  $223,000.  What  other  Bank  has  done  the  same? 

WILLIAM  B.  LEWIS  TO  BIDDLE 

(Confidential)  Washington  3  May  1830 

My  D.  Sir, 

I  recd.  yours  of  the  27  ultimo  the  day  previous  to 
Judge  Overtons  departure,  and  consulted  him  with  regard 
to  the  appointment  of  suitable  persons  to  fill  the  places 
of  those  directors  of  your  Nashville  Board  as  will  have  shortly 
to  retire.  We  found  considerable  difficulty  in  making  proper 
selections,  but  have  agreed  to  recommend  the  following 
named  gentlemen. 

Thomas  Crutcher 

Alexander  Porter 

Francis  B  Fogg,  or  E.  H.  Foster 

Bernard  Vanlier 

Joseph  Vaulx. 


98     Correspondence  of  Nicholas  Biddle 

The  first  named  gentleman  is  one  of  the  earliest  settlers 
in  the  Country  —  a  man  of  great  moral  worth,  and  is  at  this 
time  and  has  been  for  nearly  thirty  years,  one  of  the  Treas 
urers  of  Tennessee.  You  cannot,  I  should  think,  do  better 
than  to  appoint  him.  Mr.  Porter  was  a  member  of  the  Nash 
ville  Board  when  it  was  first  organized  —  an  Irishman  by 
birth,  but  has  been  a  resident  of  the  State  upwords  of  thirty 
years  and  has  lived,  I  should  think,  25  years  in  Nashville  — 
a  man  of  good  moral  character,  of  wealth,  and  needs  none 
of  your  money.  I  have  served  with  him  and  know  he  makes 
a  good  and  safe  director.  Fogg  and  Foster  are  partners  in 
law,  both  men  of  business  and  of  high  standing — Foster 
was  a  member  of  your  first  Board.  Mr  Vanlier  is  concerned 
in  some  of  the  iron  works  of  this  State  —  he  is  a  native  of 
Penna.  —  a  man  of  good  moral  character,  well  off,  safe 
and  judicious  —  at  least  this  was  his  character  when  I  left 
Nashville,  and  I  have  no  reason  to  believ  it  has  undergone 
any  change.  Mr.  Vaulx  must  be  known  to  you  as  he  has 
served  two  years  as  a  director.  He  is  a  safe  judicious  man  — 
has  married  into  an  influential  connection,  and  is  doing  a  good 
business  as  a  merchant.  When  he  was  first  appointed  some  ob 
jection  was  made  to  him  on  account  of  his  age;  but  as  he  has 
once  been  a  member  of  the  Board,  and  is  several  years  older 
than  he  was,  I  presume  no  objection  could  now  be  made  to 
him  on  that  account. 

I  am  of  opinion  that  Judge  Overton  himself  would  serve 
if  appointed,  tho'  I  am  not  authorised  to  say  so,  never  having 
heard  him  speak  upon  the  subject.  If  it  would  not  be  incon 
venient  for  him  to  attend,  living  5  or  6  miles  from  town,  it 
would  be  good  policy  to  appoint  him;  he  is  a  brother-in-law 
of  Judge  White  of  the  Senate,  and  a  particular  friend  of  the 


To  William  B.  Lewis  99 

President.  If  his  living  in  the  Country  should  be  an  ob 
jection,  I  would  advise  you  to  put  him  in  the  place  of 
Harding  next  Year,  who  also  lives  in  the  Country.  Two  of 
the  Directors  who  go  out  this  year  should  be  returned  to 
the  Board  as  early  as  the  rule,  which  governs  such  cases, 
will  admit  of.  I  mean  Campbell  and  Farqueharsen,  both  of 
whom  make  good  directors  —  particularly  the  latter.  With 
out  wishing  to  disparage  others  I  verily  believe  that  Mr. 
Farqueharsen  is  the  very  best  director  you  have  in  your 
Board. 

The  President  is  well,  and  desires  me  to  present  his  respects 
to  you. 

BIDDLE  TO  WILLIAM  B.  LEWIS  ESQ 

(Private)  Philada.  May  8.  1830 

My  Dear  Sir. 

I  thank  you  very  much  for  your  favor  of  the  3d:  inst. 
with  the  list  of  names  which  I  must  prize,  because  1  know 
that  it  is  dictated  by  friendly  feelings  towards  the  Bank.  As 
soon  as  I  receive  the  nomination  from  Nashville  I  shall  not 
fail  to  consult  you  about  it. 

Since  you  left  us,  I  have  thought  very  anxiously  about  a 
subject  which  I  mentioned  to  you,  I  mean  the  present  dis 
position  of  the  President  towards  the  Bank.  Since  his  opinions 
were  stated  in  the  Message,  he  has  had  an  opportunity  of 
examing  more  attentively  the  effects  &  operations  of  the 
Institution,  of  witnessing  its  utility  to  the  finances  of  the 
Government,  &  of  knowing  the  views  of  sound  &  practical 
men  from  every  part  of  the  Country.  He  is  also,  I  trust,  satis 
fied  that  the  powers  of  the  Bank  have  not  been  abused  for 
political  purposes,  &  that  towards  him  &  his  administration, 


ioo    Correspondence  of  Nicholas  Bid  die 

the  Bank  has  acted  frankly,  fairly  &  cordially.  It  would  be 
affectation  in  me  not  to  say  that  those  who  conduct  the 
Bank  were  exceedingly  hurt  &  pained  by  the  opinion  ex 
pressed  by  the  President,  that  all  their  efforts  to  restore  the 
Currency  had  failed.  Yet,  in  the  midst  of  their  regrets,  they 
knew  too  well  their  duties  to  suffer  themselves  to  give  the 
slightest  political  bias  to  the  Bank,  to  be  driven  or  tempted 
into  opposition,  or  to  abate  in  the  slightest  degree  their  zeal 
for  the  public  service.  The  President  has  few  more  decided 
personal  or  political  friends  than  many  of  those  who  are 
concerned  in  the  administration  of  the  Bank.  To  them,  as 
well  as  to  a  large  body  of  citizens,  it  would  be  exceedingly 
gratifying  to  know  the  feelings  of  the  President  towards  the 
Bank  at  the  present  moment,  because  some  of  his  injudicious 
friends  &  many  of  his  opponents  seek  to  make  an  impression 
that  such  is  his  rooted  dislike  to  the  Institution,  that  he  would 
refuse  his  sanction  to  a  Continuance  of  the  Bank,  were  the 
Charter  renewed  by  both  Houses  of  Congress.  The  first  class 
say  this  because  they  dislike  the  Bank  —  the  second  because 
they  dislike  the  President;  but  I  hope  that  neither  the  Presi 
dent  nor  the  Bank  will  allow  themselves  to  misunderstand 
each  other,  or  to  be  estranged  from  each  other,  by  the  ma 
noeuvres  or  the  indiscretions  of  their  respective  friends  or 
enemies.  Their  true  attitude  is  that  of  mutual  Independence 
&  mutual  respect,  &  as  far  as  I  am  concerned  that  attitude 
shall  be  fairly  maintained. 

Whenever  you  have  any  thing  gratifying  on  that  sub 
ject  which  you  can  with  perfect  propriety  communicate, 
I  shall  be  obliged  by  hearing  it,  &  in  the  mean  time,  remain 
as  always 


From  Charles  August  Davis 


101 


CHARLES  AUGUST  DAVIS  1  TO  BIDDLE 

N.  York  21  My  1830 
My  Dr  Sir 

...  I  think  it  probable  I  may  have  mentioned  to  you 
that  it  was  believ'd  here  by  many  that  Mr  Van  Buren  had 
some  agency  in  it,  and  the  reasons  assign'd  if  not  true  are 
at  least  curious.  This  —  he  look'd  upon  the  U.S.  B.  as  a  mass 
of  power  which  might  be  employ'd  to  bear  on  any  point  or  agt 
any  point  with  no  inconsiderable  force  and  if  a  disposition 
sh'd  exist  thus  in  directing  its  influence  politically  he  as  a 
political  man  (&  having  had  no  agency  either  in  its  creation 
or  thro'  its  changes  &  trials)  naturally  concluded  it  wd.  be 
less  likely  to  oppose  old  friends  than  to  adopt  new  ones  or 
strangers.  Hence  it  was  natural  that  he  sh'd  not  view  it  with 
a  favorable  political  eye  —  it  might  be  perfectly  harmless,  or 
it  might  not  —  and  political  men  are  not  always  satisfied 
with  uncertainties.  Like  the  old  Gun  it  was  safer  out  of  reach 
&  harms  way  for  tho  it  was  said  to  have  neither  flint  or  pow 
der  in  it  still  it  might  go  off.  At  this  particular  period  the 
Safety  fund  system  appear'd  —  and  in  theory  had  no  doubt 
an  honest,  able  aspect  —  it  was  so  far  adopted  by  Mr  Van 
Beuren  then  Govr.  of  the  State,2  as  to  have  been  more  easily 

1  One  of  the  directors  of  the  State  Bank  of  New  York.  Wilson,  op.  ciL,  vol. 

ni,  p.  347- 

2  Van  Buren's  career  as  Governor  of  New  York  was  very  brief.  He  was  in 
augurated  January  I,  1829,  but  resigned  March  12,  to  go  into  the  Cabinet.  "His 
inaugural  message  is  said  by  Hammond  to  have  been  the  best  executive  message 
ever  communicated  to  the  legislature."  In  this  address  he  outlined  the  "safety 
fund"  system  which  had  been  communicated  to  him  by  Joshua  Forman.  "Under 
this  system  all  the  Banks  of  the  State,  whatever  their  condition,  were  to  contribute 
to  a  fund  to  be  administered  under  state  supervision,  the  fund  to  be  a  security  for 
all  dishonored  bank  notes.  To  this  extent  all  the  Banks  were  to  insure  or  indorse 
the  circulation  of  each  bank,  thus  saving  the  scandal  and  loss  arising  from  the  oc- 


io2     Correspondence  of  Nicholas  Biddle 

made  his  almost  exclusively  —  if  successful  —  than  it  is  now 
found  to  shake  it  .from  him  —  that  it  is  suspected  of  being 
inapplicable  in  practice.  Had  it  prov'd  successful  and  met 
with  the  general  favor  it  was  supposed  to  merit,  "Van  Buren 
Safety  fund"  wd.  have  been  as  clearly  identified  &  recogniz'd 
as  "Clinton  &  Canal."  And  if  approv'd  in  one  State  wd.  most 
likely  have  become  general  —  here  then  was  a  substitute  at 
hand  and  "a  safe  channel  for  all  Gov*  purposes"  sh'd  the 
U.S.  Bank  be  dispens'd  with  —  but  it  is  likely  to  prove  other 
wise  —  and  turns  out  among  the  moves  of  ill  luck  which 
sometimes  are  made  by  the  most  wise  and  prudent.  These 
are  among  the  leading  reasons  advanced  by  the  knowing 
ones  here  touching  Mr  Van  Buren  and  his  agency  in  the 
Message,  and  if  groundless,  they  are  at  least  curious  as  1 
before  stated. 

I  have  a  very  high  opinion  *  of  Mr  V.  Buren.  I  believe  him 
a  safe  and  segacious  man,  or  any  way  he  has  the  reputation  of 
being  "mysterious"  —  "dark"  and  "designing";  but  un 
less  I  am  entirely  mistaken  in  my  observations  of  him  per 
sonally,  I  should  say  this  impression  is  created  for  him  more  by 
a  negative  than  a  positive  course  of  conduct  politically,  or 
rather  by  a  peculiar  and  unusual  system  of  Caution  —  few 
men  say  less  —  no  man  writes  less  on  the  passing  political 

casional  failure  of  Banks  to  redeem  their  notes,  and  making  every  Bank  watchful 
of  its  associates.  In  compelling  the  Banks  to  submit  to  some  general  scheme  the 
representatives  of  the  people  would,  indeed,  he  said,  enter  into  'conflict  with  the 
claims  of  the  great  moneyed  interests  of  the  country;  but  what  political  exhibition 
so  truly  gratifying  as  the  return  to  his  constituents  of  the  faithful  public  serv 
ant  after  having  turned  away  every  approach  and  put  far  from  him  every  sinister 
consideration."'  Shephard,  Edward  M.,  Martin  Van  Buren  (Boston,  1891),  pp. 
168-170. 

1  Biddle  likewise  held  Van  Buren  in  high  regard  and  often  reiterated  his  be 
lief  that  the  latter  was  "neither  the  instigator  nor  the  adviser  of  the  President's 
remarks." 


From  William  B.  Lewis        103 

occurrences — and  whilst  other  great  men  are  wasting  their 
powers  &  puzzling  their  wits  to  explain  away  or  smoothen 
down  the  sharp  corner  of  some  printed  or  written  opinions 
&  assertions  which  unfortunately  may  have  outlived  the  oc 
casion  and  which  may  not  harmonize  with  the  changes  of 
public  sentiment — He  is  fresh  &  free  from  all  charges  ex 
cept  the  important  one  which  friends  as  well  as  enemies  are 
ready  to  lay  at  his  door  —  the  charge  of  having  effected 
all  these  changes  in  public  sentiment  —  no  body  can  say 
how,  when  or  where.  He  neither  asserts  or  contradicts  — 
but  if  he  has  in  reality  no  hand  in  thus  acquiring  political 
power  few  men  know  better  how  to  keep  what  comes  in 
possession. 

It  is  thro'  periods  of  political  excitement  that  his  system 
is  more  likely  to  succeed  than  in  "calm  successions,"  or  in 
other  words  his  capital  accumulates  faster  at  such  periods, 
and  if  I  were  a  politician  or  party  man  I 'd  "back  him"  for  a 
leader  of  my  party  "ag*.  the  field":  but  being  neither  I  only 
indulge  the  liberty  of  sketching  occasionally  an  outline 
roughly  as  in  this  instance  of  those  who  direct  public  affairs, 
aware  at  the  same  time  that  I  can  more  correctly  sketch  the 
range  of  a  market  for  Iron,  Sugar  or  Coffee.  I  am  in  great 
truth  &  with  high  esteem 

WILLIAM  B.  LEWIS  TO  BIDDLE 

(Confidential)  Washington  25  May  1830 

D.  Sir, 

.  .  .  Before  closing  this  letter  permit  me  to  say  one 
word  in  reference  to  a  subject  mentioned  in  your  last  letter 
to  me  —  I  mean  the  information  you  recd.  of  the  President's 
having  declared  that  if  Congress  should  pass  a  law  renewing 


1 04    Correspondence  of  Nicholas  Biddle 

the  Charter  of  the  U.S.  Bank  he  would  put  his  veto  on  it. 
I  told  you  in  PhiK  when  you  first  mentioned  the  thing  to 
me,  that  there  must  be  some  mistake,  because  the  report  was 
at  variance  with  what  /  had  heard  him  say  upon  the  subject. 
In  conversing  with  him  a  few  days  ago  upon  the  subject  he 
still  entertained  the  opinion  that  a  National  Bank  might  be 
established  that  would  be  preferable  to  the  present  U.S.  Bank ; 
but  that,  if  Congress  thought  differently,  and  it  was  deemed 
necessary  to  have  such  a  Bank  as  the  present,  with  certain 
modifications  he  should  not  object  to  it.  If  the  President  finds 
that  his  scheme  is  not  likely  to  take,  I  do  not  believe  he  will 
be  opposed,  altogether,  to  the  present  Bank.  In  haste  I  am 

ROSWELL  L.  COLT  TO  BIDDLE 

10  June  (1830)? 
Dear  Biddle 

Soon  after  the  Presidents  first  message  in  which  the 
subject  of  the  Bank  was  mentioned  Mr  Howard  had  a  conver 
sation  with  Mr  Van  Beuren  *  in  which  he  told  the  Secretary 
that  that  part  of  the  message  refer  y  to  the  Bank — had  caused 
great  surprise.  Mr.  V.  B.  answered  he  knew  nothing  of  it,  that 
he  had  not  been  consulted  on  the  subject,  and  disapproaved 
of  that  part  of  the  message  &  that  he  was  not  hostile  to  the 
Bank.  You  recollect  I  wrote  you  at  the  time  I  was  satisfied 
Mr  V.  B.  was  the  author  of  those  obnoxious  paragraphs,  & 
Mr  Poinsett  says  he  is  sure  that  V.  B.  is  the  man  who  has 
caused  us  all  our  trouble.  .  .  . 

1  Van  Buren  seems  to  have  tried  hard  to  keep  aloof  from  an  open  attack  on 
the  Bank.  The  Bank  men  always  claimed  he  was  the  cause  of  their  trouble;  but 
Professor  Bassett,  in  his  Life  of  Jackson  (cf.  chap.  29),  shows  that  Van  Buren  was 
not  anxious  to  be  implicated  in  the  various  moves  against  the  institution. 


From  Henry  Clay  105 

HENRY  CLAY  TO  BIDDLE 

Ashland  14  th.  June  1830 
Dear  Sir 

.  .  .  Unless  I  am  deceived  by  information,  received 
from  one  of  the  most  intelligent  Citizens  of  Virginia,  the 
plan  was  laid  at  Richmond  during  a  visit  made  to  that  place 
by  the  Secy,  of  State  last  autumn,  to  make  the  destruction 
of  the  Bank  the  basis  of  the  next  Presidential  Election.  The 
message  of  the  President,  and  other  indications,  are  the  sup 
posed  consequences  of  that  plan.1 

1  This  letter  is  in  Clay's  handwriting  and  is  highly  significant.  It  is  a  well- 
known  fact  that  Jackson  was  strongly  advised  by  many  of  his  friends  not  to  in 
troduce  the  Bank  question  in  his  message  of  1829.  On  October  22,  1829,  Felix 
Grundy  wrote  to  Jackson  outlining  the  main  features  of  a  National  Bank  and  con 
cluded  as  follows:  "  I  hope  to  be  in  Washington  a  week  or  ten  days  before  Congress 
convenes  —  and  will  lose  no  time  before  I  see  you.  I  intend  to  set  out  for  Richmond 
on  the  25th  instant  to  see  the  Virginia  Convention  in  session  thence  to  the  city." 
On  November  27,  1829,  Ingham  wrote  to  Jackson  advising  against  the  Bank 
attack;  on  December  17,  1829,  Benton  sent  Jackson  a  copy  of  Randolph's  idea  of 
a  National  Bank;  while  on  the  same  day  the  Attorney-General  likewise  opposed 
introducing  the  question.  (Cf.  Jackson  MSS.  in  Library  of  Congress.)  Thus,  with 
the  single  exception  of  Benton  the  Jackson  MSS.  show  that  all  the  friends  of  the 
President  cautioned  Jackson  on  the  expediency  of  raising  the  issue.  The  Van  Buren 
MSS.  contain  no  mention  of  the  Bank  message. 

Moreover,  it  is  established  that  Van  Buren  was  opposed  to  interfering  in  the 
struggle.  Cf.  Bassett,  Life  of  Jackson,  vol.  n,  pp.  631,  640,  740. 

Yet  Professor  Ambler,  in  his  Life  of  Thomas  Ritchie,  p.  131,  shows  that  Van 
Buren  visited  Richmond  about  this  period.  Therefore  the  question  arises,  could 
the  Southern  politicians  have  induced  or  suggested  to  Van  Buren  the  idea  of  an 
attack  on  the  Bank,  holding  out  to  the  latter  the  hope  of  the  next  Presidential  elec 
tion,  while  their  main  idea  was  to  gain  time  for  their  own  propaganda?  It  was  in 
the  Virginia  Convention  of  1829  that  the  Calhoun  doctrine  of  defending  slavery  was 
first  enunciated.  Therefore  the  Calhounites,  by  projecting  the  Bank  and  raising 
a  hue  and  cry,  might  further  their  own  scheme.  However,  it  was  spoiled  by  Jack 
son  crushing  nullification  in  1830.  Seeing  they  had  failed  in  this  attempt,  they  im 
mediately  came  out  clearly  for  the  Bank.  Thus,  in  the  view  of  these  late  histori 
cal  events  Clay's  letter  suggests  many  interesting  points,  for  if  this  suggestion  is 
sound  the  Bank  controversy  shifts  from  Washington  to  Richmond. 


io6     Correspondence  of  Nicholas  Biddle 


JOSIAH  NlCHOL  TO  BlDDLE 

Office  Bank  United  States 
Nashville  2Oth.  July  1830 

(reed  Aug4.  2,  1830) 
Dear  Sir 

Yours  of  the  22nd  ultimo  is  duly  received,  and  the  re 
quest  therein  contained  attended  to  as  far  as  yet  in  my  power, 
the  President  of  the  United  States  arrived  in  Town  last  Tues 
day.  I  done  myself  the  pleasure  of  waiting  on  him,  as  an  old 
friend,  and  at  the  request  of  a  number  of  our  most  respectable 
citizens  made  him  a  tender  of  apartments  in  my  house  during 
his  Stay  in  Town,  which  he  accepted,  and  left  us  on  Thursday 
last  for  the  Hermitage;  during  his  Stay  at  my  house  I  had 
frequent  opportunities,  and  did  not  neglect  the  subject  of 
your  letter.  I  enforced  every  argument  that  I  could  make  bear 
on  the  subject,  or  that  would  be  of  any  service  in  removing 
his  prejudice.  I  brought  to  his  view  the  improvement  of  our 
Town  and  Country  since  the  establishment  of  this  office,  and 
Contrasted  the  year  of  1826  with  the  present  year  of  1830. 
on  the  Subject  of  exchange,  in  the  former  year  We  generally 
paid  a  premium  on  Bills  drawn  on  any  of  the  Eastern  cities 
of  from  9  to  12  per  cent;  now  1830,  We  can  obtain  Checks, 
payable  at  one  day  after  sight  at  any  place  where  the  United 
States  Bank  have  a  Branch  at  a  premium  of  one  half  to  one 
per  cent  —  which  is  little  more  than  pays  postage,  he  appears 
to  be  well  satisfied  with  the  facilities  that  the  Bank  have 
given  to  Government  and  individuals,  in  transferring  their 
funds  from  One  point  to  another,  and  acknowledges  that  a 
Bank  such  as  the  present  only  can  do  so.  he  appears  to  be 
genrally  pleased  with  the  Management  of  the  United  States 


To  Josiah  Nichol  107 

and  Branches  —  and  particularly  so  with  this  office.  I  have 
taken  considerable  pains  and  gave  him  all  the  information  I 
consistently  could  on  Banking  Subjects  —  and  belive  have 
convinced  him  that  the  Present  Bank  and  Branches  could 
not  be  dispenced  with  without  Manifest  injury  to  the  Coun 
try  and  particularly  so  to  this  Western  Country,  as  no  other 
Currency  could  be  Substituted.  On  the  subject  of  his  favour 
ite  plan  I  touched  lightly,  but  let  him  know  that  I  thought 
it  would  be  more  dangerous  to  Our  liberties  than  than  the 
U  S.  Bank,  the  Only  objection  he  appears  to  have  to  the  pres-  \ 
ent  Bank  is  that  a  great  part  of  the  Stock  is  held  by  For 
eigners  —  consequently  the  interest  is  taken  from  the  Coun 
try,  he  is  well  satisfied  that  Politicks  have  no  influence  in 
Bank  or  in  the  Choice  of  Directors,  and  I  am  well  convinced 
that  he  will  not  interfer  with  Congress  on  the  Subject  of  re 
newing  the  Charter  of  the  Bank.  Altho  on  this  subject  he 
keeps  his  opinion  to  himself  he  speaks  of  You  in  the  most 
exalted  terms  and  says  there  is  No  Gentleman  that  can  be 
found  would  manage  the  Bank  better  or  do  the  Bank  & 
Country  More  Justice.  I  am  Sir  very  respectfully  your 

BIDDLE  TO  JOSIAH  NICHOL  ESQ. 

(confidential)  Philada.  Augt:  3.  1830. 

Dear  Sir. 

Since  writing  to  you  this  morning  it  has  occurred  to 
me  that  you  may  have  it  in  your  power  to  do  a  great  service  to 
the  Bank  as  well  as  to  Gen1 :  Jackson.  No  man  can  now  fail  to 
perceive  that  the  remarks  on  the  Bank  in  the  President's  Mes 
sage  were  unfortunate,  &  have  tended  to  make  many  sober 
men  uneasy  about  the  stability  of  our  finances  &  the  sound 
ness  of  our  currency.  As  respects  the  Bank,  it  has  gained 


i  o  8     Correspondence  of  Nicholas  Bid  die 

friends  by  the  reports  in  Congress  &  by  the  general  discussion 
of  its  affairs  throughout  the  Country,  so  that  at  present  I 
consider  the  Bank  decidedly  popular  with  the  great  mass  of 
the  Community.  As  a  proof  of  it  we  have  now  before  us  no 
less  than  ten  applications  for  branches  —  one  in  New  York, 
one  in  Ohio,  one  in  Virginia,  two  in  South  Carolina,  one  in 
Florida,  one  in  Indiana,  &  I  believe  that  there  is  a  decided 
majority  in  both  houses  of  Congress  favorable  to  it. 

Under  these  circumstances  the  opposition  to  the  President 
will  naturally  endeavor  to  turn  the  Bank  question  against 
him  —  to  represent  him  &  his  friends  as  unfriendly  to  sound 
currency. 

In  this  the  Bank  will  give  of  course  no  assistance.  It  means 
to  be  as  it  has  been  perfectly  neutral  &  unpartial  —  minding 
its  own  business  &  not  medling  with  other  people's  &  no 
thing  shall  force  it  or  seduce  it  from  its  strict  line  of  duty. 
But  it  is  worthy  of  great  consideration  for  Genl :  Jackson  & 
his  friends  whether  it  would  not  be  right  for  them  to  remove 
the  impression  of  his  &  their  hostility  to  the  Bank.  I  do  not 
believe  that  Genl :  Jackson  or  his  particular  friends  are  hostile 
to  the  Bank.  He  expressed  his  doubts  &  his  belief  about  it.  I 
am  sure  he  was  wrong,  but  I  am  equally  sure  that  he  was  per 
fectly  honest,  &  if  I  do  not  much  mistake  his  character  he  will 
if  he  thinks  he  has  not  done  justice  to  the  Bank  in  the  first 
instance,  be  ready  to  do  it  ample  justice  when  on  more  re 
flection  &  examination  he  becomes  satisfied  that  he  can  do 
so.  This  he  will  have  a  fine  opportunity  of  doing  &  at  the  same 
time  of  disarming  his  political  antagonists  of  what  they  may 
make  a  powerful  weapon  at  the  next  meeting  of  Congress. 
Genl:  Jackson  does  not  perhaps  know  (for  persons  in  high 
stations  do  not  always  hear  the  whole  truth)  that  the  part 


70  Josiah  Nichol  109 

of  his  Message  which  relates  to  the  Bank  has  been  a  source 
of  regret  to  many  of  his  most  attached  friends  &  to  most  if 
not  all  the  political  associates  around  him.  He  has  now  a 
fair  x  opportunity  of  converting  that  right  into  pleasure  & 
triumph. 

In  his  next  message  he  will  be  able  to  state  that  since  his 
last  message  nearly  10  millions  of  principal  of  the  public 
Debt  were  paid  off  in  January  &  July.  In  his  last  message 
he  was  kind  enough  to  speak  with  approbation  of  the  agency 
of  the  Bank  in  making  that  payment  without  the  least  in 
convenience  to  the  Country.  Now,  what  I  think  his  friends 
desire  is  that  he  should  renew  the  expression  of  that  approba 
tion  —  to  the  Bank  it  would  perhaps  be  an  act  of  justice  — • 
and  it  would  be  an  act  both  of  justice  &  policy  to  himself  & 
his  friends  by  correcting  an  opinion  that  has  gone  abroad 
that  he  &  they  are  unfriendly  to  the  Institution.  He  could  say 
this  without  looking  to  the  past  or  the  future  —  without 
committing  himself  or  his  friends — &  the  friends  of  the  Bank 
would  be  gratified  by  such  an  evidence  that  his  feelings  were 
kindly  towards  the  institution.  This  is  a  very  simple  & 
easy  thing  to  do  —  &  yet  I  believe  it  would  be  very  useful. 
Now  how  shall  it  be  brought  about?  I  have  an  idea  that  if 
any  body  can  do  it  you  can,  &  if  Judge  Overton 2  were  dis 
posed  to  aid  he  could  be  very  useful.  I  submit  the  matter  to 
your  judgment  to  do  what  you  may  think  right.  I  suggest  it 
to  you  as  a  friend  of  Genl :  Jackson  &  a  friend  of  the  Bank  — 
believing  that  it  would  be  useful  to  both  —  but  as  I  have 
made  it  a  law  not  to  interfere  in  political  matters  in  case 

1  In  the  manuscript  the  word  "fine"  is  inserted  in  pencil. 

2  A  land  lawyer.  Placed  on  Supreme  Court  Bench  as  successor  to  Andrew 
Jackson.  Woodbridge,  J.  (editor),  History  of  Nashville  (Nashville,  1890),  p.  516. 


I  IO 


Correspondence  of  Nicholas  Biddle 


you  should  think  the  suggestion  worth  acting  upon,  you  will 
have  the  goodness  to  do  it  without  reference  to  me. 

HENRY  CLAY  TO  BIDDLE 

(confidential)  Ashland  nth.  Sept.  1830 

Dear  Sir 

Major  Tilford  having  mentioned  to  me  that  you 
were  considering  whether  it  was  proper  to  apply,  at  the  ensu 
ing  Session  of  Congress,  for  a  renewal  of  the  charter  of  the 
B.U.S.  and  that  you  entertained  some  doubts  on  the  subject, 
I  had  a  conversation  with  him  and  Mr.  Harper,1  which  I  in 
formed  them  that  they  were  at  liberty  to  communicate  to 
you.  I  added  that,  perhaps,  I  might  address  a  letter  to  you  on 
the  same  matter.  A  leisure  hour  allows  me  to  fulfill  that  in 
tention. 

It  may  be  assumed,  as  indisputable,  that  the  renewal  of 
the  charter  can  never  take  place,  as  the  Constitution  now 
stands,  against  the  opinion  and  wishes  of  the  President  of  the 
U.S.  for  the  time  being.  A  bill,  which  should  be  rejected  by 
him  for  that  purpose,  could  never  be  subsequently  passed 
by  the  constitutional  majority.  There  would  always  be  found 
a  sufficient  number  to  defeat  such  a  bill,  after  its  return  with 
the  President'  objection,  among  those  who  are  opposed  to 
the  Bank  on  constitutional  grounds,  those  who,  without  be 
ing  influenced  by  constitutional  considerations,  might  be  op 
posed  to  it  upon  the  score  of  expediency,  and  those  who  would 
be  operated  upon  by  the  influence  of  the  Executive. 

I  think  it  may  even  be  assumed  that  a  bill  to  renew  the 

I  Charter  cannot  be  carried  through  Congress,  at  any  time, 

with  a  neutral  executive.  To  ensure  its  passage,  the  Presidents 

1  Cashier  of  the  Branch  at  Lexington. 


From  Henry  Clay 


in 


opinions  and  those  of  at  least  a  majority  of  his  Cabinet  must 
be  known  to  be  in  favor  of  the  renewal. 

President  Jackson,  if  I  understand  the  paragraph  of  his 
message  at  the  opening  of  the  last  Session  of  Congress,  relat 
ing  to  the  Bank,  is  opposed  to  it  upon  Constitutional  objec 
tions.  Other  sources  of  information  corroborate  that  fact.  If 
he  should  act  upon  that  opinion,  and  reject  a  bill,  presented 
for  his  aprobation,  it  would  be  impossible  to  get  it  through 
Congress  at  the  next  Session  against  the  Veto. 

That  a  strong  party,  headed  by  Mr.  V.  Buren,  some  Vir 
ginia  politicians  and  the  Richmond  Enquirer,  intend,  if  prac 
ticable  to  make  the  Bank  question  the  basis  of  the  next  Pres 
idential  election,  I  have,  I  believe,  heretofore  informed  you. 
I  now  entertain  no  doubt  of  that  purpose.  I  have  seen  many 
evidences  of  it.  The  Editors  of  certain  papers  have  received 
their  orders  to  that  effect,  and  embrace  every  occasion  to  act 
in  conformity  with  them.  This  fact  cannot  have  escaped  your 
observation.1 

If  you  apply  at  the  next  Session  of  Congress,  you  will  play 
into  the  hands  of  that  party.  They  will  most  probably,  in  the 
event  of  such  application,  postpone  the  question,  until  an 
other  Congress  is  elected.  They  will  urge  the  long  time  that 
the  Charter  has  yet  to  run;  that  therefore  there  is  no  necessity 
to  act  at  the  next  Session  on  the  measure;  and  that  public 
sentiment  ought  to  be  allowed  to  develope  itself  &c.  These 
and  other  considerations  will  induce  Congress,  always  dis 
posed  to  procrastinate,  to  put  off  the  question.  In  the  mean 
time,  the  public  press  will  be  put  in  motion,  every  prejudice 
excited  and  appeals  made  to  every  passion.  The  question  will 

1  This  was  quite  true,  for  by  this  date  the  Washington  Globe  and  the  other 
Jackson  prints  were  beginning  their  strenuous  attacks  on  the  Bank. 


1 1 2     Correspondence  of  Nicholas  Biddle 

incorporate  Itself  with  all  our  elections,  and  especially  with 
that  as  to  which  there  is  so  great  a  desire  that  it  should  be  in 
corporated.  It  will  be  difficult,  when  Congress  comes  finally  to 
decide  the  question,  to  obtain  a  majority  against  the  accu 
mulation  of  topics  of  opposition. 

But  suppose,  at  the  next  Session,  on  the  contingency  of 
your  application  for  a  renewal  of  the  Charter,  instead  of  post 
poning,  Congress  was  to  pass  a  bill  for  that  object,  and  it 
should  be  presented  to  the  President,  what  would  he  do  with 
it?  If,  as  I  suppose,  he  would  reject  it,  the  question  would 
be  immediately,  in  consequence,  referred  to  the  people,  and 
would  inevitably  mix  itself  with  all  our  elections.  It  would 
probably  become,  after  the  next  Session,  and  up  to  the  time 
of  the  next  Presidential  election,  the  controlling  question  in 
American  politics.  The  friends  of  the  Bank  would  have  to 
argue  the  question  before  the  public  against  the  official  act  of 
the  President,  and  against  the  weight  of  his  popularity. 

You  would  say  what  ought  the  Corporation  to  do?  I  stated 
to  the  above  gentleman  that,  in  my  opinion,  unless  you  had 
a  satisfactory  assurance  that  your  application  at  the  next 
Session  would  be  successful,  you  had  better  not  make  it.  If, 
contrary  to  my  impressions,  you  could  receive  such  an  assur 
ance  from  both  departments  of  the  Government,  who  would 
have  to  act  on  the  case,  that  would  present  a  different  state 
of  the  question,  and  would  justify  the  presentation  of  your 
petition. 

If  not  made  at  the  next  Session,  when  should  it  be  made? 
I  think  the  Session  immediately  after  the  next  Presidential 
election  would  be  the  most  proper  time.  Then  every  thing  will 
be  fresh;  the  succeeding  P.  election  will  be  too  remote  to  be 
shaping  measure  in  reference  to  it;  and  there  will  be  a  disposi- 


From  Henry  Clay  113 

tion  to  afford  the  new  administration  the  facilities  in  our  fiscal 
affairs  which  the  B.  of  the  U.S.  perhaps  alone  can  render. 
But  suppose  Gen1  Jackson  should  be  again  elected?  If  that 
should  be  the  case,  he  will  have  probably  less  disposition  than 
he  now  has  to  avail  himself  of  any  prejudices  against  the 
Bank.  He  will  then  have  also  less  influence;  for  it  may  be 
loosely  asserted,  at  least  as  a  general  rule,  that  the  President 
will  have  less  popularity  in  his  second  than  in  his  first  term. 
And  that  I  believe  would  emphatically  be  the  fate  of  the  pres 
ent  President.  At  all  events,  you  will  be  in  a  better  condition 
by  abstaining  from  applying  to  renew  the  charter  during  his 
first  term,  than  you  would  be  in,  if  you  were  to  make  the  ap 
plication  and  it  should  be  rejected.  Upon  the  supposition  of 
such  a  rejection,  and  that  the  question  should  be  afterwards 
blended  with  the  Presidential  contest,  and  Gen1.  Jackson 
should  be  elected,  his  re-election  would  amount  to  something 
like  a  popular  ratification  of  the  previous  rejection  of  the 
renewal  of  the  charter  of  the  Bank.  Indeed,  if  there  be  an 
union  of  the  Presidents  negative  of  the  Bank  bill  with  the 
next  P.  election,  and  he  should  be  reelected,  would  it  not  be 
regarded  as  decisive  against  any  Bank  of  the  U.S.  hereafter? 

My  opinion,  upon  the  whole,  then  is,  that  it  would  be  un 
wise  to  go  to  Congress  without  something  like  a  positive  assur 
ance  of  success  at  the  next  Session;  and  that  the  Corporation, 
without  displaying  any  solicitude  in  regard  to  the  continua 
tion  of  its  charter,  had  better  preserve,  in  the  able  and  faith 
ful  administration  of  its  affairs,  which  it  has  of  late  years 
manifested,  and  go  to  Congress  at  the  first  moments  of  calm 
which  shall  succeed  the  approaching  Presidential  storm. 

I  hope  I  need  say  nothing,  by  way  of  apology,  to  satisfy 
you  of  the  friendly  feelings  which  have  prompted  this  letter; 


1 1 


4    Correspondence  of  Nicholas  Biddle 

nor  to  impress  you  with  the  propriety  of  receiving  it  in  the 
confidence  with  which  it  is  written.  I  add  assurances  of  the 
constant  and  cordial  regard  of 

TO  COLONEL  HUNTER  1 

Washington  30  h.  Octr  1830 
My  Dear  Sir 

.  .  .  Your  institution  is  destined  however  to  encounter 
a  Severe  Struggle,  for  the  renewal  of  its  Charter.  I  see  in 
various  quarters  of  the  Union  evidences  of  determination  to 
resist  it,  and  it  is  not  the  least  striking  of  these,  that  Mr  Clay 
—  who  we  all  know  is  latitudinarian  enough  to  have  no  con 
stitutional  scruples  on  this,  or  on  any  other  Subject  —  is  un 
willing  to  Commit  himself  upon  this  measure  —  the  inference 
is  obvious.  He  doubts  the  result  of  the  application  for  the  new 
charter,  and  is  unwilling  to  hazard  his  popularity  by  becom 
ing  its  advocate.  But  for  the  course  pursued  by  South  Caro 
lina,  Mr  Calhoun,  &  Mr  McDuffie  might  have  rendered  serv 
ice,  as  it  is  —  I  Know  not  how  far  they  will  have  the  power. 

BIDDLE  TO  WILLIAM  B.  LEWIS  ESQ. 

Phila.  Octr.  31st.  1830 
My  dear  Sir 

I  have  been  prevented  by  other  occupations  from  say 
ing  to  you  that  on  examining  the  Louisville  business,  I  found 
I  could  not  consistently  adopt  your  suggestion.  It  seems  that 
out  of  9  there  are  4  gentlemen  friendly  to  the  administration. 
This  is  accidental,  but  I  am  glad  of  it,  for  the  fact  shows  that 
there  was  no  principle  of  exclusion  —  that  the  business  men 

1  Cashier  of  the  Branch  of  the  Bank  of  the  United  States  at  Nashville.  Col 
lector  of  the  Port  in  1843.  American  Almanac,  1843,  p.  92. 


70  Henry  Clay  115 


were  taken  indiscriminately  from  all  parties  &  the  division  \ 
is  sufficient  to  prevent  any  political  partiality  on  either  side, 
which,  however,  I  believe  neither  side  feels  nor  exercises.  To 
introduce  new  members  —  members  so  well  qualified  as  those 
now  there  —  for  the  purpose  of  making  any  political  balance, 
would  be  wrong  in  itself  &  would  expose  us  to  the  very  im 
putation  we  wish  to  avoid  of  looking  to  party  considerations. 
On  the  whole,  therefore,  I  thought  it  better  to  let  the  business 
considerations  prevail  over  politics.  The  only  regret  I  feel  is, 
that  I  had  it  not  in  my  power  to  agree  to  what  might  per 
haps  have  gratified  you. 

BIDDLE  TO  HENRY  CLAY  ESQR 

Philada  Novr  3rd  1830 
My  dear  Sir 

I  have  purposely  delayed  answering  your  favor  of  the 
IIth  of  Septr  until  I  could  speak  with  some  degree  of  confi 
dence  as  to  the  course  which  will  be  adopted  in  reference  to  the 
subject  of  it.  In  the  mean  time  I  have  read  repeatedly  and 
with  renewed  interest  all  your  remarks,  proceeding  as  I  know 
they  do  from  one  who  with  ample  materials  of  information 
&  great  sagacity  in  employing  them  gives  the  result  of  his 
reflections  with  a  sincere  desire  to  serve  the  institution.  For 
this  in  any  event  you  will  accept  my  grateful  thanks. 

After  keeping  the  subject  long  under  advisement  in  order 
to  observe  the  latest  development  of  facts,  I  am  now  satis 
fied,  that  it  would  be  inexpedient  to  apply  at  present  for  the 
renewal  of  the  charter.  My  belief  is  from  all  I  have  seen  & 
read  &  heard,  that  there  is  at  this  moment  a  majority  of  both 
Houses  of  Congress  favourable  to  a  renewal,  and  moreover 
that  the  President  would  not  reject  the  bill.  The  tempta- 


1 1 


6    Correspondence  of  Nicholas  Biddle 


tion  is  therefore  great  to  take  advantage  of  a  propitious  state 
of  feelings  like  this.  But  then  the  Hazard  is  not  to  be  disguised. 
A  great  mass  of  those  who  if  they  were  obliged  to  vote  at 
all  would  vote  favourably  will  prefer  not  voting  if  it  can  be 
avoided,  and  the  dread  of  responsibility,  the  love  of  postpon- 
ment  &  the  vis-inertia  inherent  in  all  legislative  bodies  would 
combine  to  put  off  the  question  during  the  approaching 
short  session.  To  pass  both  houses  &  be  rejected  by  the  Presi 
dent,  to  be  rejected  in  either  house,  to  be  postponed  in  either 
house,  to  be  brought  forward  in  any  shape  and  not  be  finally 
and  favorably  acted  upon  are  degrees  of  evil  —  but  the  mild 
est  of  them  a  great  evil,  much  to  be  deplored  &  to  be  avoided 
if  possible.  My  impression  then  is  that  nothing  but  a  cer 
tainty  of  success  should  induce  an  application  now.  To  this 
I  am  the  more  inclined  because  time  is  operating  in  favor  of 
the  Bank,  by  removing  prejudices,  and  diffusing  a  general 
conviction  of  its  utility. 

Having  made  up  my  mind  on  the  subject,  I  am  gratified 
that  this,  which  is  the  first  expression  I  have  made  of  this 
opinion,  should  be  communicated  to  one  whose  views  have  so 
largely  influenced  my  own.  It  will  always  afford  me  great 
pleasure  to  receive  the  benefit  of  your  further  suggestions  on 
this  or  any  other  subject,  being  with  great  respect  and  regard 1 

JOSEPH  HEMPHILL  TO  BIDDLE 

Washington  Deer  —  9  —  1830 
Dear  Sir 

After  receiving  the  Message  2  of  the  President,  Mr. 
McDuffy  &  myself  are  of  the  opinion,  that  it  is  the  true  inter- 

1  On  the  same  day  Biddle  wrote  to  Hunter  presenting  the  identical  arguments. 

2  Richardson,  op,  tit.,  vol.  u,  pp.  528,  529. 


From  Robert  Smith 


117 


est  of  the  Bank  of  the  United  States  to  apply  for  the  renewal 
of  its  charter  at  the  Present  Session  —  the  reasons  for  apply 
ing  now  will  be  fair  &  such  as  must  be  approved  of.  If  noth 
ing  had  been  said  in  the  Message,  perhaps  the  best  policy 
would  have  been  to  lay  quiet  at  the  present,  but  now  the 
public  mind  will  be  uncertain  as  to  the  fate  of  the  Bank;  Sac- 
rafices  may  be  made  by  the  time  &  the  currency  of  the  Coun 
try  effected;  it  is  of  importance  that  this  question  should  be 
settled  as  early  as  possible;  as  it  has  been  the  second  time 
introduced  by  the  President,  the  bringing  of  it  can  do  no  harm 
&  if  it  fails  it  can  be  renewed  before  the  next  Congress.  .  .  . 
If  I  was  with  you  I  could  explain  more  fully  why  the  appli 
cation  should  be  now  made. 

JOSEPH  HEMPHILL  TO  BIDDLE 

Decr.  9-  1830  Washington 
Dear  Sir 

At  present  I  think  it  had  better  not  be  mentioned  out 
of  the  board  that  there  is  any  intention  to  make  an  applica 
tion  for  a  re-charter  this  Session.  This  is  for  yourself  only. 

ROBERT  SMITH  TO  BIDDLE 

Confidential  Washington  Dec1".  13,  1830 

Dear  Sir 

I  gathered  from  a  conversation  with  Major  Lewis,  of 
the  President's  family,  that  altho'  the  President  is  decidedly 
in  favor  of  a  Bank  such  as  he  recommended  to  Congress,  yet 
if  a  bill  were  to  pass  both  houses,  renewing  the  charter  of 
the  Bank  U  States  with  certain  modifications,  the  President 
would  not  with  hold  his  approval.  What  these  modifications 
were,  I  could  not  distinctly  understand;  but  I  believe  that 


1 1 8     Correspondence  of  Nicholas  Bid  die 

the  principal  one  was  to  take  from  the  Bank  the  right  of  es 
tablishing  branches  in  the  states,  unless  with  the  consent  of 
the  states,  &  it  was  intimated  that  a  provision  of  the  kind 
would  really  be  beneficial  to  the  Bank,  in  as  much  as  our 
career  if  the  jealousy  with  which  the  States  regard  the  Bank 
would  be  removed,  &  it  was  not  doubted  but  that  sooner 
or  later  every  state  would  solicit  the  establishment  of  a 
Branch.  It  was  also  intimated  that  the  holding  of  real  estate 
by  the  bank  was  very  objectionable.  The  right  to  do  so  how 
ever,  is  so  essential  to  the  safety  of  the  Bank,  that  it  cannot 
be  perceived  how  the  relinquishment  of  it  can  be  yielded.  .  .  . 

BIDDLE  TO  JOSEPH  HEMPHILL 

Philad.  Dec.  14.  1830 
My  dear  Sir, 

I  take  the  earliest  opportunity  which  my  occupations 
have  permitted  to  consult  you  on  the  subject  of  attempting 
the  renewal  of  the  Charter  during  the  present  session  of 
Congress. 

Until  the  arrival  of  the  President's  message  my  impressions 
were  these.  I  believed  that  there  was  a  decided  majority  of 
both  houses  of  Congress  who,  if  they  had  been  obliged  to  vote 
at  all,  would  have  voted  for  the  renewal.  But  not  being 
obliged  to  vote,  they  would  avoid  voting.  Many  would  say 
that  the  question  was  premature,  that  they  ought  not  to  fore- 
stal  the  judgment  of  their  successors,  that  it  was  a  short 
session  —  in  short  the  indifferent  &  the  timid  would  com 
bine  with  the  opponents  of  the  Bank  to  postpone  the  ques 
tion.  Once  brought  forward  &  postponed,  it  would  of  course 
be  blended  up  with  the  elections,  &  become  one  of  those  po 
litical  matters  judged  exclusively  by  party  considerations. 


70  yoseph  Hemphill          1 1 9 

On  the  other  hand  if  it  passed  through  both  Houses,  &  was 
negatived  by  the  Prese.,  from  that  time  forward  it  would 
become  a  question  between  the  Bank  &  him,  &  if  he  were 
reflected,  he  would  construe  it  as  a  decision  by  the  nation 
against  the  Bank,  &  act  accordingly.  There  was  also  not  un- 
mingled  with  these  views  the  hope  that  as  the  President  had 
mentioned  the  subject  to  Congress  he  would  have  left  it  to 
them,  &  that  time  &  experience  would  have  made  him  more 
wise  &  less  pertinacious.  Such  seemed  the  state  of  the  case 
in  November. 

It  is  certainly  much  altered  now. 

The  President  has  himself  again  thrust  it  before  Congress, 
&  seems  determined  to  make  it  an  electioneering  topic.  By 
inviting  the  State  Govts.  to  strengthen  themselves  by  usurp 
ing  the  whole  circulating  medium  of  the  country,  he  will 
probably  excite  them  to  instruct  their  delegations  in  Con 
gress  to  oppose  the  charter,  &  it  is  to  be  presumed  that  in 
no  event  will  he  sanction  a  bill  for  the  re-charter.  .  .  . 

I  believe  it  greatly  for  the  interest  of  the  country  to  settle 
this  question  during  the  present  session.  My  doubt  is  whether 
it  would  be  expedient  in  reference  to  the  ultimate  settlement 
of  that  question  for  the  Bank  to  ask  for  a  renewal.  But  the 
benefit  of  settling  it  may  possibly  be  obtained  without  the  risk 
of  prejudicing  the  Bank  in  case  of  failure  by  another  course 
which  is  this. 

The  Committee  of  Ways  &  Means  1  have  now  the  Presi 
dent's  Message  before  them.  If  that  Comme.  were  to  say  that 
this  is  a  question  which  must  not  be  left  in  its  present  posi 
tion,  that  all  the  great  interests  of  the  country  are  hazarded 
by  this  suspense,  &  altho'  they  did  not  intend  to  stir  it,  yet 

1  McDuffie  was  chairman  of  the  Ways  and  Means  Committee. 


I2O 


Correspondence  of  Nicholas  Bid  die 


now  that  it  has  been  agitated  it  ought  to  be  put  to  rest  —  if 
they  would  say  this,  the  way  would  be  open.  If  the  Comme. 
were  to  say  to  the  Bank  whether  it  would  take  at  once  the  re 
newal  &  on  what  terms,  we  should  answer  by  return  of  mail 
in  a  manner  no  doubt  satisfactory,  &  the  Comme.  might 
then  report  a  bill  of  a  single  section  continuing  the  Charter 
for  twenty  years  after  the  expiration  of  its  present  charter  on 
the  payment  of  the  stipulated  bonus.  In  this  way  the  rechar- 
ter  would  present  itself,  not  so  much  in  the  light  of  an  appli 
cation  by  individuals,  but  as  a  financial  measure,  introduced 
by  the  financial  organ  of  the  House.  If  it  succeeded  —  well. 
If  it  failed,  the  Bank  might  hereafter  come  forward  with 
its  proposal  without  prejudice  of  its  having  been  once  de 
feated.  . .  . 

JOHN  NORVALL  x  TO  BIDDLE 

Philadelphia,  Dec.  1 6,  1830. 
Dear  Sir, 

.  .  .  My  opinion,  if  it  be  worth  anything  to  you,  is, 
that  the  bank  ought  forthwith  to  make  application  for  the 
renewal  of  its  charter.  If  a  bill  for  the  purpose  should  be 
passed,  General  Jackson  will  be  more  afraid  to  put  his  veto 
to  it  than  after  his  re-election.  If  he  should  negative  such  a 
bill,  the  fact  will  go  far  toward  preventing  his  re-election. 
Besides,  the  present  congress  is  probably  more  favorable  than 
the  next  will  be  to  the  bank.  In  any  event,  it  appears  to  me 
to  be  the  interest  of  the  stockholders  and  officers  to  bring  the 
matter  at  once  to  issue.  .  .  . 

1  Editor  of  Anti-Federalist  paper  in  Philadelphia,  1816-1832.  Later  moved 
to  Michigan  and  was  Senator  from  that  State,  1837-1841.  Cf.  sketch  of  life  written 
by  his  son  in  Michigan  Pioneer  Collections,  vol.  in,  pp.  140-147;  also  Bingham, 
Stephen  D.,  Early  History  oj  Michigan  (Lansing,  1888),  pp.  496,  497- 


From  John  Norvall 


121 


JOHN  NORVALL  TO  BIDDLE 

Philadelphia,  Dec.  19,  1830 
Dear  Sir, 

I  am  going  on  with  the  examination  of  the  list  of  mem 
bers,  with  a  view  to  ascertain  who  are  for,  and  who  are 
against,  the  renewal  of  your  bank  charter.  MrLetcher,1  of 
Kentucky,  tells  me  that  there  are  74  opposition  members, 
who,  he  is  satisfied,  will  vote  in  solid  phalanx  for  the  bank. 
At  least  22  of  the  26  members  from  Pennsylvania  will  vote  for 
it.  They,  added  to  the  74  will  make  96.  Nearly  all  the  South 
Carolina,  a  portion  of  Virginia  and  North  Carolina  members, 
will  vote  for  it;  and  scattering  Jackson  votes  in  all  the  other 
states  will  be  obtained  for  the  bank.  Upon  the  most  moderate 
calculation,  130  votes  may  be  considered  as  certain.  That 
number  will  leave,  in  the  house,  a  minority  of  84.  In  the  sen 
ate,  of  48  votes,  22  opposition  members  may  be  set  down 
as  certain  for  the  bank.  General  Barnard  2  of  our  state, 
and  Mr.  Livingston 3  of  Louisiana,  General  Hayne 4  and 
Judge  Smith 5  of  South  Carolina,  and  Mr.  Tazewall 6  of  Vir 
ginia,  Jackson  members,  are  for  it.  These  make  27,  leaving 
a  minority  of  21.  There  is  also  General  Smith  of  Maryland, 
making  28,  and  leaving  a  minority  of  20,  with  the  probability 
of  two  or  three  more  Jackson  votes.  The  preceding  statement 
is  the  most  unfavorable  in  the  project  congress  for  the 
bank.  .  .  . 

1  Representative  from  Kentucky.  *  Senator  from  Pennsylvania. 

*  Senator  from  Louisiana.  Later  Secretary  of  State,  1831-1833. 

4  Representative  from  South  Carolina. 

6  Senator  from  South  Carolina.  6  Senator  from  Virginia  [Tazewell]. 


1 2  2     Correspondence  of  Nicholas  Bid  die 


BIDDLE  TO  MR.  ROBINSON  ESQ. 

(private)  Philada  Dec.  20-1830 

Dear  Sir 

...  In  respect  to  Gen1  Jackson  &  Mr  Van  Buren  I 
have  not  the  slightest  fear  of  either  of  them,  or  both  of  them. 
Our  country-men  are  not  naturally  disposed  to  cut  their  own 
throats  to  please  any  body,  &  I  have  so  perfect  a  reliance 
on  the  spirit  &  sense  of  the  nation,  that  I  think  we  can  de 
fend  the  institution  from  much  stronger  enemies  than  they 
are.  In  doing  this  we  must  endeavour  to  reach  the  under 
standings  of  our  fellow  citizens  by  the  diffusion  of  correct 
views  of  a  subject  which  is  much  understood.  You  will  receive 
herewith  a  copy  of  condensed  analysis  of  Mr  Gallatin's 
article  on  Banks,  so  far  as  it  relates  to  the  B.U.S.  .  . . 

ROSWELL  L.  COLT  TO  BIDDLE 

Bal.  29  Jany  1831 
Dear  Biddle 

. .  .  Tis  said  that  Van  Buren  &  Calhoun  have  kissed 
&  made  up  their  dispute  —  it  is  a  fact  that  Calhoun  has 
dined  with  Mr  Van  Buren  —  and  now  the  Secretarys  party 
are  crowing  under  the  idea,  that  Calhoun  is  courting  the 
favor  &  forbearance  of  Mr  V  B  —  at  which  it  is  Said  that  Mr 
C.  is  not  a  little  vexed.  If  Jackson  determines  to  run  again 
for  the  Presidency,  &  Calhoun  does  the  Same,  as  he  says  he 
will,  then  Van  B.  &  his  party  will  denounce  Calhoun  &  throw 
him  off  as  they  have  Duff  Green.  The  Clay  party  are  trying 
to  get  Calhoun  to  separate  himself  from  Jackson  —  they  say 
that  heretofore  he  was  sound  on  the  leading  questions,  U.S. 
Judiciary,  Bank  U  States,  Tariff  &  internal  improvements, 


70  William  B.  Lawrence       123 

and  that  all  he  has  to  do  is  find  some  fit  &  proper  occasion  to 
come  out  &  declare  that  his  views  on  these  important  subjects 
are  the  same  he  had  formerly  entertained  —  this  the  Clay 
party  tell  him.  Clay  is  our  first  Choice  —  You  are  Second, 
but  that  we  cannot  carry  our  party  for  You  if  You  are  against 
the  Judiciary,  the  Currency,  the  finding  employment  at 
home  for  our  surplus  Labour,  or  new  avenues  through  which 
to  distribute  the  product  of  that  Labour  —  and  it  is  hoped 
he  will  listen.  I  fear  not. 

BIDDLE  TO  WILLIAM  B.  LAWRENCE,  ESQ. 

Phila.  Feb*  8.  1831 
Dear  Sir, 

.  .  .  What  I  can  do  &  will  do  is  this.  It  is  obvious  that 
a  great  effort  will  be  made  to  array  the  influence  of  the  Execu 
tive  &  all  his  party  against  the  Bank.  It  is  not  less  evident 
that  our  most  effectual  resistance  is  the  dissemination  of 
useful  knowledge  among  the  people,  and  accordingly  I  am 
endeavoring  to  convey  to  all  classes  real  &  positive  informa 
tion  in  regard  to  the  working  of  the  institution  &  its  bene 
ficial  influence  on  the  prosperity  of  the  nation.  To  do  this 
newspapers  must  be  used,  not  for  their  influence,  but  merely 
as  channels  of  communication  with  the  people.  If  you  think 
the  one  in  question  a  useful  vehicle  of  information  I  will  em 
ploy  it  —  and  in  this  way. 

I  have  many  articles  about  the  Bank  —  articles  of  interest 
to  a  general  reader  &  which  would  occupy  no  more  space 
than  would  be  necessarily  given  to  articles  on  other  topics, 
nor  occasion  I  presume  any  extra  expence  —  such  for  in 
stance  as  Mr  McDufHe's  &  Smith's  reports  or  the  extracts 
from  Mr  Gallatin's  article.  For  the  insertion  of  these  I  will 


124    Correspondence  of  Nicholas  Riddle 

pay  either  as  they  appear  or  in  advance.  Thus  for  instance  if 
you  will  cause  the  articles  I  have  indicated  and  others  which 
I  may  prepare  to  be  inserted  in  the  newspaper  in  question,  I 
will  at  once  pay  to  you  one  thousand  dollars.  If  this  may 
facilitate  the  arrangement  you  propose  I  shall  be  glad.  There 
is  as  you  perceive  nothing  in  this  communication  which  I 
should  care  to  conceal,  but  as  it  might  be  misconstrued,  I 
inclose  your  letter  to  me  &  request  that  you  will  have  the 
goodness  to  return  what  I  have  written  to  you.  It  will  give 
me  great  pleasure  to  see  you  on  the  15th,  and  in  the  mean  time 
I  am  with  sincere  regard  &  many  thanks  for  your  presenting 
the  subject  to  me. 

BIDDLE  TO  JOSEPH  HEMPHILL 

Philada:  Feb:  10.  1831. 
My  Dear  Sir, 

I  have  had  the  pleasure  of  receiving  your  letter  of  the 
8th:  inst.  inclosing  a  letter  from  Mr.  Green,1  expressing  his 
wish  to  borrow  from  the  Bank  twenty  thousand  dollars.  I  will 
submit  it  to  the  Board  at  their  next  meeting.  In  the  mean 
time  I  can  only  say  that  it  will  receive  from  them  a  kind  & 
respectful  consideration  as  a  matter  of  business,  without  look 
ing  to  the  past  or  the  future.  The  Bank  is  glad  to  have  friends 
from  conviction,  but  seeks  to  make  none  from  interest.  For 
myself,  I  love  the  freedom  of  the  Press  too  much  to  complain 
of  its  occasional  injustice  to  me,  &  if  the  loan  be  made,  it 
shall  be  with  a  perfect  understanding,  to  be  put  into  the  Note 
if  necessary,  that  the  borrower  is  to  speak  his  mind  about  the 
Bank,  just  as  freely  as  he  did  before  —  which  I  take  to  be 
"ample  room  &  verge  enough." 

1  Duff  Green  of  the  Telegraph. 


70  Joseph  Gales  125 

BIDDLE  TO  ENOCH  PARSONS  *  ESQ. 

Phil3.  Feby  28th.  1831 
Dear  Sir 

...  In  the  general  views  expressed  in  your  letter  I  en 
tirely  concur.  It  is  deeply  to  be  regretted  that  the  President 
has  taken  this  course,  and  we  must  endeavor  as  much  as  pos 
sible  to  counteract  its  effect.  But  our  weapons  are  truth  and 
reason — our  appeal  is  from  the  passions  to  the  understand 
ing,  &  the  dissemination  of  correct  views  of  the  nature  &  oper 
ations  of  the  Bank  is  the  most  efficient  engine  we  can  employ. 
Further  than  this  we  ought  not  to  go.  I  should  lament  deeply 
that  those  connected  with  the  Bank  should  be  active  or  zeal 
ous  or  conspicuous  in  political  contests.  This  would  be  wrong 
in  itself:  it  is  a  violation  of  that  perfect  neutrality  which  is 
the  first  duty  of  the  Bank.  It  would  be  injudicious  too,  even 
on  calculation,  since  no  advantage  to  be  derived  from  their 
efforts  would  overbalance  the  general  evil  from  their  actual 
or  supposed  interference.  .  .  . 

BIDDLE  TO  JOSEPH  GALES  ESQR. 

Phila.  March  2.  1831 
Dear  Sir 

...  On  this  whole  subject  of  publication,  my  theory 
is  very  simple.  I  believe  that  nine  tenths  of  the  errors  of  men 
arise  from  their  ignorance  —  and  that  the  great  security  of 
all  our  institutions  is  in  the  power,  the  irresistible  power,  of 
truth.  I  recollect  well  when  twenty  years  ago  I  opposed  in  the 
Legislature2  of  my  State  the  measures  taken  to  prostrate 

1  Enoch  Parsons,  a  lawyer  of  Hartford.  Cf.  Trumbull,  J.  H.  (editor),  Memorial 
History  of  Hartford  County  (Boston,  1886),  vol.  I,  p.  130. 

2  A  good  sketch  of  Biddle's  early  career  is  given  by  Conrad,  R.  T.,  Sketch  of 
Nicholas  Biddle,  in  National  Portrait  Gallery  of  Distinguished  Americans,  vol.  m. 


i26    Correspondence  of  Nicholas  Biddle 

the  former  Bank,  how  much  of  the  opposition  to  the  Bank 
was  the  result  of  downright  ignorance  of  its  meaning  and  its 
operations,  and  I  have  lived  to  see  the  very  individuals  the 
most  zealous  in  the  work  of  destruction,  candidly  confess,  as 
they  have  grown  older  and  wiser,  that  they  did  not  properly 
appreciate  the  institution.  I  know  what  was  then  wanting  — 
and  I  am  resolved  that  it  shall  not  now  be  wanting.  I  saw 
the  manner  in  which  the  small  demagogues  of  that  day  de 
ceived  the  community  —  and  I  mean  to  try  to  prevent  the 
small  demagogues  of  this  day  from  repeating  the  same  de 
lusion.  For  this,  there  is  but  one  course,  the  free  circula 
tion  of  plain  honest  truths  by  means  of  the  press.  There  is 
one  mode  in  which  you  can  much  assist  me.  It  is  by  the  trans 
mission  of  a  list,  such  as  your  long  practice  has  enabled  you 
to  accumulate,  of  citizens  with  their  respective  addresses  in 
various  parts  of  the  United  States.  Your  own  subscription 
list,  with  the  additions  which  you  propose  to  make  for  in 
creased  diffusion  of  your  paper,  would  form  excellent  ma 
terials  &  I  would  gladly  defray  the  expence,  if  necessary,  of 
copying  that  list  which,  for  greater  convenience,  should  be 
divided  into  States 

BIDDLE  TO  JAMES  HUNTER  Esq. 

(private)  Bank  U  States 

May  4.  1831 
Dear  Sir 

.  .  .  The  President  has  undertaken  to  say  of  the  Bank 
that  which  is  wholly  without  foundation  &  to  denounce  the 
institution.  The  whole  influence  of  his  government,  &  of  the 
presses  subservient  to  his  government,  is  employed  in  en 
deavoring  to  break  down  the  Bank.  In  this  situation,  the 


To  J.  Harper  1 2  7 

Bank  can  only  find  safety  in  such  explanations  of  its  pro 
ceedings  as  will  satisfy  the  country  that  it  has  been  justly 
assailed  &  that  its  operations  are  highly  beneficial.  But  how 
it  is  to  make  these  explanations,  except  thro'  the  press,  the 
only  channel  of  communication  with  the  people  ?  And  if  it 
employs  that  channel,  why  should  it  ask  of  printers  to  in 
sert  its  explanations  gratuitously?  If  a  grocer  wishes  to  ap 
prize  the  public  that  he  has  a  fresh  supply  of  figs,  the  printer 
whom  he  employs  for  that  purpose  never  thinks  of  giving  his 
labor  for  nothing,  but  charges  him  for  his  trouble  in  inserting 
the  advertisement.  If  the  Bank  in  a  like  manner  wishes  a 
printer  to  insert  information  about  its  concerns,  why  should 
it  not  pay  him  for  his  trouble?  The  payment  for  the  printing 
of  documents  thus  disseminated  is  not  only  so  proper  but  so 
just,  that  one  is  amused  by  the  affected  squemishness  of  the 
other  printers  who  do  not  happen  to  be  employed  when  they 
denounce  the  Bank  for  circulating  documents  which  Con 
gress  itself  has  ordered  to  be  disseminated  by  means  of  extra 
copies,  and  what  is  worse  than  all,  paying  the  printers  for 
their  labor.  .  .  . 

BIDDLE  TO  J.  HARPER 

(private)  Bank  U.  States 

June  29.  1831 
Dear  Sir 

Your  favor  of  the  i6th  is  duly  received  &  the  contents 

are  extremely  satisfactory.  I  was  sure  that  the  statement  was 

a  calumny,  &  am  glad  that  we  have  it  in  our  power  to 

prove  it  so. 

I  have  heard  various  accounts  of  Mr.  Blairs' l  connection 

1  Cf.  Catterall,  op.  cit.,  p.  256,  note  on  this  topic. 


128     Correspondence  of  Nicholas  Eiddle 

with  the  Office,  such  as  his  being  indebted  &  settling  his  ac 
count  by  paying  ten  per  cent  of  the  principal,  immediately 
previous  to  his  leaving  Lexington  to  establish  himself  at 
Washington.  Have  the  goodness  to  let  me  know  the  particu 
lars  of  that  transaction. 

MEMORANDUM  1  BY  BIDDLE 

Octr.  19,  1831. 

About  ten  o'clock  today  Mr.  McLane,  Secy  of  the  Treasy 
called  to  see  me  at  the  Bank.  He  had  come  to  Phil3  princi 
pally  for  the  purpose  of  conversing  with  me  after  he  had  seen 
the  President. 

He  now  stated  that  he  had  seen  the  President,  and  explained 
to  him  the  course  which  he  proposed  to  pursue  in  regard  to  the 
Bank.  He  had  done  this  in  order  that  there  might  be  no  mis 
apprehension  on  the  part  of  the  Pres*  of  his  views  &  the  con 
sequences  which  might  result  from  what  he  proposed  to  say 
in  his  report. 

He  said  to  the  President  that  he  thought  the  act  of  Con 
gress  which  directed  the  Secretary  of  the  Treasury  to  report 
annually  to  Congress  made  it  the  duty  of  that  officer  to  pre 
sent  his  own  views  &  on  his  own  responsibility  and  that  the 
Executive  stood  rather  in  the  light  of  a  mediator  between 
him  (the  Secy)  &  the  Legislature.  That  such  had  always  been 
the  construction  of  the  powers  of  the  Secretaries.  (This  was 
obviously  an  infusion  by  Mr  Dickins  to  whom  I  left  a  volume 
with  all  the  passages  marked  which  I  thought  might  encour 
age  this  opinion.)  He  proceeded  to  explain  to  the  Pres*  what 
his  intentions  were.  He  means  to  speak  of  the  power  of  the 

1  Catterall,  op.  cit.,  pp.  209-211,  note.  This  memorandum  is  quoted  in  full  in 
Catterall's  book  and  the  subject  discussed  in  full  in  the  above-mentioned  pages. 


Memorandum  1 2  9 

Gov'  to  pay  off  the  whole  of  the  debt  on  the  3d  of  March  1833 
with  the  aid  of  the  Bank  stock;  that  this  stock  if  sold  out 
would  occasion  alarm  in  the  country  &  the  panic  would  sink 
its  value;  whereas  he  was  satisfied  that  the  Bank  would  take 
it  at  a  reasonable  price,  not  less  certainly  than  eight  millions. 
This  would  give  him  an  opportunity  of  speaking  of  the  Bank 
in  the  most  favorable  manner,  recommending  the  continuance 
of  the  charter  of  the  present  Bank  in  preference  to  a  new  one, 
with  such  modifications  as  without  injuring  the  institution 
might  be  useful  to  the  country  &  acceptable  to  the  Executive. 
This  he  meant  to  present  in  the  strongest  manner  he  could 
to  Congress.  All  this  he  explained  particularly  to  the  Presi 
dent  who  made  no  objection  whatever.  For  greater  precision 
he  had  put  down  the  heads  of  what  he  meant  to  say  in  his 
report  &  showed  them  to  the  President.  Mr  Livingston  by 
request  of  Mr  McLane  was  present  at  this  meeting. 

It  had  been  previously  understood  between  Mr  Livingston 
&  Mr  M°Lane  that  the  Pres*  should  say  nothing  in  the 
message  about  the  Bank.  The  President  acquiesced  tho'  re 
luctantly  in  this,  because  he  thought  he  could  not  well  be  si 
lent  with  consistentcy.  But  in  my  (N  B's)  conversations  with 
him  Mr  McLane  I  had  expressed  the  opinion  that  his  silence 
would  not  be  so  useful  as  his  mentioning  the  subject.  The 
matter  was  therefore  renewed  with  Mess"  Livingston  &  Mc 
Lane  &  the  Pres*  and  it  was  resolved  that  he  should  intro 
duce  the  subject  in  this  way  —  that  having  on  former  occa 
sions  brought  the  question  before  the  Congress  it  was  now 
left  with  the  representatives  of  the  people. 

Mr  McLane  with  a  view  to  show  the  Pres*  the  full  extent 
to  which  his  report  might  lead,  said  that  perhaps  when  his 
report  was  presented  &  referred  to  the  Comm66  of  Ways  & 


130    Correspondence  of  Nicholas  Riddle 

Means  Mr  McDuffie  in  his  present  mode  of  thinking  in  regard 
to  the  Bank  might  choose  to  introduce  a  bill  into  Congress  for 
continuing  the  Charter  &  if  so  he  (Mr  McLane)  could  not  with 
the  views  which  he  entertained  of  the  Bank  make  any  oppo 
sition  to  it.  The  President  said  he  would  be  sorry  if  the  ques 
tion  were  forced  upon  him  in  that  way. 

I  said  it  would  be  necessary  to  scan  very  accurately  the 
PrestJs  speech  so  that  there  might  not  be  a  shade  of  opinion 
expressed  against  it,  or  any  declaration  that  having  once  ex 
pressed  his  views  &  having  no  reason  to  change  them  he  would 
now  leave  it  to  Congress  &c.  Mr  McLane  said  certainly  no 
such  expression  could  or  should  be  introduced,  as  it  would  not 
be  in  harmony  or  consistency  with  his  own  (Mr  M's)  report. 

Mr  McLane  said  that  he  would  be  willing  to  charter  the 
Bank  without  any  bonus,  but  intimated  that  he  thought  a 
large  bonus  would  be  required,  &  said  that  this  should  be 
considered  in  our  proposed  purchase  of  Bank  stock. 

He  said  that  he  thought  the  greatest  danger  of  the  Bank 
was  from  those  who  wished  to  pull  down  this  Bank  in  order 
to  build  up  another,  that  a  Mr  West  of  Salem  had  been  very 
pressing  on  that  point.  I  said  there  were  I  believed  some  capi 
talists  in  Boston  &  New  York  who  were  anxious  about  it, 
but  I  thought  they  had  little  political  weight.  He  said  that 
the  argument  was  that  to  continue  it  would  be  a  monopoly. 

In  regard  to  the  period  of  applying  for  a  renewal,  he  does 
not  wish  to  be  considered  as  the  adviser  of  the  Bank  because 
it  might  be  imputed  to  him  that  he  was  acting  in  concert 
with  the  institution,  but  he  renewed  the  opinion  which  he 
expressed  at  Washington  that  it  was  doubtful  (indeed  he 
seemed  to  be  more  inclined  now  to  think  it  inexpedient) 
whether  it  would  be  expedient  to  apply  this  year.  His  idea 


Memorandum  131 

was  that  if  it  were  put  to  the  President  as  a  test,  he  would 
be  more  disposed  to  reject  it  on  that  very  account.  The  Pres1 
is  now  perfectly  confident  of  his  election  —  the  only  ques 
tion  is  the  greater  or  the  less  majority,  but  he  is  sure  of  suc 
cess  &  wishes  to  succeed  by  a  greater  vote  than  at  the  first 
election.  If  therefore  while  he  is  so  confident  of  reelection 
this  question  is  put  to  him  as  one  affecting  his  reelection,  he 
might  on  that  account  be  disposed  to  put  his  veto  on  it,  if 
he  be  as  it  were  dared  to  do  it.  For  what  I  see,  says  Mr 
M°Lane  of  the  character  of  Gen1  Jackson,  I  think  he  would 
be  more  disposed  to  yield  when  he  is  strong  than  when  he  is 
in  danger. 

The  footing  then  on  which  the  matter  stands  is  this : 

The  President  is  to  say  that  having  previously  brought 
the  subject  to  Congress,  he  now  leaves  it  with  them. 

The  Secretary  is  to  recommend  the  renewal. 

This  latter  point  pleases  me  much.  When  I  saw  him  at 
Washington  he  did  not  think  he  could  go  so  far  as  to  origi 
nate  a  recomendation  of  the  Bank,  &  I  therefore  examined 
all  the  reports  of  all  the  Secretaries  to  show  that  the  pro 
posals  for  the  Bank  all  originated  with  them  &  I  left  the  vol 
umes  of  these  reports  in  Mr  Dickin's  hands  marked,  so  that 
he  might  urge  them  on  the  Secretary's  attention. 

He  thinks  he  can  present  the  Tariff  question  strongly — he 
will  then  press  with  equal  strength  the  Bank  question  &  if  he 
can  arrange  the  question  of  the  public  lands  (the  surrender  to 
them  of  the  lands  within  their  limits  at  a  certain  price  so  as 
to  make  the  landholding  states  pay  in  stock  to  the  old  States 
the  proportion  which  the  latter  have  a  right  to)  the  Bank 
would  be  put  in  such  company  &  on  such  a  footing  that  even 
Mr  Benton  would  not  attack  it. 


132     Correspondence  of  Nicholas  Biddle 

On  his  way  to  Mr  Carroll's  with  the  Pres*.  the  latter  ad 
verted  to  the  inconsistency  of  those  who  pulled  down  the  old 
Bank  &  built  up  the  new  —  &  particularly  of  the  objection 
then  made  that  foreigners  were  stockholders.  This  he  con 
sidered  an  unfounded  objection.  (He  mentioned  this  to  me 
at  Washington.)1 

Some  surprize  was  felt  by  the  Pres4  of  the  Bank  at  perceiv 
ing  in  the  report  of  the  Secretary  of  the  Treasury  the  following 
phrases: 

"It  is  not  perceived  that  there  is  any  sufficient  justifica 
tion  in  the  grounds  of  the  transaction  as  assumed  by  the 
"Bank  for  an  arrangement  in  any  form,  by  which  so  large 
"  an  amount  of  the  public  funds  should  be  retained  by  the 
"Bank  at  the  risk  of  the  Gov4.  after  it  had  directed  their 
"application  to  the  payment  of  the  public  creditor." 

The  reason  of  the  surprize  was  this.  On  the  14th  of  Octr. 
1832,  the  Chief  Clerk  of  the  Treasury  Department  addressed  a 
letter  to  the  Pres4.  of  the  Bank  written  obviously  &  avowedly 
at  the  request  of  the  Secretary  of  the  Treasury  for  the  pur 
pose  of  enabling  the  Pres4  of  the  Bank  to  contradict  certain 
statements  about  the  three  per  cents  which  appeared  in  a 
New  York  paper  of  the  12th  of  October.  The  letter,  tho'  not 
itself  written  for  publication,  was  written  professedly  as  the 
basis  of  a  publication  by  the  Pres4  of  the  Bank,  and  author 
ized  him  to  vouch  certain  things.  Having  no  taste  for  news- 
paperisms,  the  Pres4  of  the  Bank  never  answered  and  indeed 
never  read  the  New  York  paper,  but  if  he  had  answered  it, 
he  would  have  asserted  the  fact  vouched  for  by  the  follow- 

1  Biddle  evidently  added  to  the  Memorandum  from  this  point  at  a  later  date 
because  the  following  references  are  to  the  Secretary  of  the  Treasurer's  report 
of  1832.  Cf.  Reports  of  the  Secretary  of  the  Treasury,  1829-1836,  vol.  in, 

P-  295- 


Memorandum  1 3  3 

ing  extract  of  the  letter  referred  to,  a  letter  written  by  the 
Chief  Clerk  of  the  Treasy  at  the  request  of  the  Secretary 
containing  suggestions  by  the  Secretary  of  what  the  Presfc 
of  the  Bank  ought  to  publish.  The  suggestion  was  in  these 
words : 

"Nor  has  the  Treasury  any  reason  to  object  to  the  course 
"which  the  Bank  has  pursued  in  regard  to  the  European 
"holders  of  the  3  per  cents.  On  the  contrary  that  measure 
"appears  wise  &  prudent,  &  well  adapted  to  prevent  the 
"embarrassments  which  the  sudden  withdrawal  of  so  much 
"foreign  capital  from  the  country  would  necessarily  produce." 

This  was  on  the  14th  of  Octr.  1832. 

Another  reason  of  the  surprize  of  the  Pres4  of  the  Bank  was 
that  on  the  of  November  1832  he  was  waited  upon  by 

the  Chief  Clerk  of  the  Treasury  who  announced  himself  as 
coming  from  the  Secretary  of  the  Treasury  to  make  enquiry 
about  the  Certificates  of  stock.  The  Chief  Clerk  stated  not 
once  nor  casually,  but  frequently  &  emphatically,  what  he 
had  written  on  the  14th  of  October,  that  the  Secretary  was 
perfectly  satisfied  with  the  measure  itself,  but  only  desired 
that  the  Certificates  should  appear  soon  in  order  that  the 
doubts  of  others  might  be  removed,  &  he  pressed  the  Presfc 
of  the  Bank  to  write  a  letter  to  the  Secretary  explaining  the 
matter.  In  consequence  of  this  request,  the  Pres*  of  the  Bank 
wrote  a  letter  to  the  Secretary  on  the  .  If  it  had  not 

been  clearly  &  repeatedly  stated  that  the  Secretary  was 
entirely  satisfied  &  wanted  only  the  means  of  satisfying 
others  undoubtedly  this  letter  would  never  have  been  writ 
ten.  The  Pres*.  of  the  Bank  did  not  know  —  did  not  wish  to 
know,  &  certainly  would  never  have  asked  to  know  what  the 
opinions  of  the  Secretary  were  on  the  subject.  The  communi- 


134    Correspondence  of  Nicholas  Biddle 

cation  therefore  to'him  that  the  Treasury  deemed  the  meas 
ure  wise  &  prudent,  and  that  the  Secretary  was  satisfied 
with  it  was  wholly  gratuitous  and  in  truth  it  might  as  well 
have  been  spared,  since  really  it  does  not  seem  strictly  proper 
to  treat  the  Bank  in  this  way — to  denounce  its  measures  in 
public  at  the  same  time  that  you  praise  them  in  private. 

The  Pres*  of  the  Bank  was  also  surprized  at  that  passage 
in  the  report  of  the  Secretary  he  states  that  various  consider 
ations  "have  suggested  an  enquiry  into  the  Security  of  the 
Bank  as  the  depository  of  the  public  funds." 

His  surprize  arose  from  two  circumstances. 

The  first  was  that  on  the  3 Ist  of  Octr.  1832,  the  Secretary 
addressed  to  him  a  letter  requesting  to  know  what  the  Bank 
would  give  for  3,919,666.66  francs  —  about  $700,000  —  being 
the  first  instalment  of  the  French  indemnity.1  In  that  letter 
he  stated  that  "  it  would  be  sufficient  for  the  Treasury  to  re 
ceive  a  credit  for  the  amount  in  the  Bank  of  the  U.S.  one 
month  after  the  payment  of  the  bill  in  Paris  say  on  the  2d  of 
March  next,"  adding  that  "  if  as  I  presume  an  arrangement 
for  the  transfer  May  be  best  made  with  the  Bank,  I  will 
thank  you  to  state  the  terms." 

It  seems  strange,  that  the  Secretary  at  the  same  time  that 
he  announces  to  Congress  his  fears  about  the  solvency  of  the 
Bank,  should  ask  that  very  Bank  to  take  in  its  own  hands 
$700,000  additional  money  of  the  public,  not  to  be  paid  for 
until  the  3d  of  March  next. 

The  other  reason  of  surprize  is  that  the  Secretary  on  the 

requested  to  know  of  the  Bank  what  it  would  give 

for  a  bill  on  London  for  the  3d  instalment  of  the  Danish  in- 

1  Cf.  MacDonald,  William,  Jacksonian  Democracy  (New  York,  1907),  pp. 
204-207. 


70  Nathaniel  Silsbee          135 

demnity  amounting  to  about  $244,000.  Here  then  the  Secre 
tary,  in  the  midst  of  his  anxiety  for  the  safety  of  the  public 
monies  in  the  Bank,  actually  proposes  to  place  no  less  than 
a  million  of  dollars  more  of  that  very  public  money  in  that 
very  Bank  —  sure  never  was  insolvency  so  much  flattered 
before. 

JOHN  TILFORD  TO  BIDDLE 

Lexington  Nov  II.  1831. 
Dear  Sir 

Mr  Clay  was  elected  to  the  Senate  of  the  United  States 
by  a  majority  of  nine  Votes. 

In  a  conversation  with  him  a  short  time  ago,  he  men 
tioned  that  he  had  about  a  year *  since,  thought  that  the 
Stockholders  of  the  Bank  of  the  United  States,  should  not  for 
some  Two  or  three  years  ask  for  a  renewal  of  their  Charter, 
but  that  he  now  thought  differently  and  would  advise  an  im 
mediate  aplication  to  be  made  by  them.  I  give  the  informa 
tion  to  you,  as  the  opinions  of  prominent  men  may  be  de 
sirable  on  this  subject  at  this  time. 

BIDDLE  TO  NATHANIEL  SILSBEE 

Philada.  Novr.  21.  1831 
My  dear  Sir 

Without  having  come  to  any  determination  in  regard 
to  an  application  to  Congress  at  the  aproaching  session  for 
a  recharter  of  the  Bank,  it  is  thought  better  to  provide  against 
such  a  contingency  by  relieving  our  friends  in  both  houses 
from  an  embarrassment  which  might  grow  out  of  their  con 
nexion  with  the  Bank.  With  this  view  in  the  elections  of  Direc- 

1   Cf.  letter  of  Clay,  September  II,  1830. 


136    Correspondence  of  Nicholas  Eiddle 

tors  for  the  present  year,  we  have  omitted  those  who  are  mem 
bers  of  Congress.  In  writing  today  to  Mr  Greene  I  have  sug 
gested  the  same  course  in  respect  to  yourself.  As  we  have 
already  claimed  your  services  whenever  we  could  obtain  them, 
&  I  hope  we  will  long  continue  to  enjoy  them,  it  is  unneces 
sary  to  say  a  word  in  regard  to  this  omission,  which  under 
existing  circumstances,  I  am  sure  you  will  perfectly  under 
stand,  and  I  trust  appreciate.  Hoping  soon  to  see  you  on 
your  passage  southward,  I  remain  with  great  respect  and 
regard. 

EDWARD  SHIPPEN  TO  BIDDLE 

(Confidential)  Louisville  6  Dec.  1831 

Dear  Sir 

I  have  seen  a  letter  from  the  Private  Secretary  of  the 
President  to  a  gentleman  in  this  City,  in  answer  to  a  com 
munication  addressed  to  the  President  on  the  Subject  of  a 
renewal  of  the  Bank  Charter.  The  substance  of  that  letter 
is,  that  the  Presdt  does  not  consider  himself  pledged  against 
a  renewal,  and  that  if  Congress  passes  a  Bill  with  proper 
modifications  of  the  Charter  his  approval  will  not  be  with 
held. 

I  have  taken  some  pains  to  ascertain  the  objections  to  the 
present  Charter,  and  the  modifications  which  it  is  thought 
will  insure  the  Executive  sanction.  I  give  them  to  you  with 
the  only  object  of  putting  you  in  possession  of  the  views  held 
on  this  interesting  subject  by  those  who  are  deep  in  the  se 
crets  and  favor  of  the  President. 

Ist  Prohibit  the  establishment  of  more  than  two  Branches 
in  each  State. 

2.  The  Stock  now  owned  by  government  to  be  sold  to  in- 


From  Edward  Shippen          137 

dividuals,  in  a  manner  that  will  prevent  a  few  persons  from 
monopolizing  it.  The  Sale  of  the  Government  Stock  will  sat 
isfy  many  in  the  North,  and  remove  the  existing  objection 
of  the  President  to  a  partnership  between  the  Gov*.  and  a 
Corporation. 

3rd  Limit  the  power  or  capacity  of  the  Institution  to  hold 
real  Estate.  Say,  the  value  of  that  description  of  property  in 
possession  of  the  Bank  shall  not  at  any  time  exceed  10  or 
15  millions  of  dollars. 

4.  Take  from  the  Corporation  the  power  to  loan  money 
on  a  pledge  of  merchandize. 

5.  Give  to  the  President  and  Directors  of  the  Bank  au 
thority  to  appoint  two  individuals  to  sign  all  the  notes  issued 
(for  the  President  &  Cashier)  and  let  all  the  paper  emanate 
from  the  Mother  Bank. 

6.  The  existing  provisions  in  relation  to  Government  de 
posits,  and  Direction  of  the  Bank,  to  be  preserved. 

7.  Render  the  Corporation  Suable  in  the  Courts  of  the 
Several  States  by  making  the  service  of  process  on  the  Presi 
dent  or  Cashier  of  the  Branch,  &  where  the  cause  of  action 
arose,  a  service  on  the  Corporation. 

It  is  believed  that  the  modifications  suggested  will  ensure 
the  renewal  of  the  Bank  Charter.  They  are  not  calculated 
to  impair  the  usefulness  or  efficiency  of  the  Institution,  and 
if  proposed  by  the  Corporation,  they  will  really  be  adopted 
by  Congress.  By  proposing  the  necessary  modifications,  the 
Bank  will  strengthen  herself  with  the  people,  prevent  an 
angry  discussion  in  Congress,  which  might  result  in  making 
the  question  of  renewing  the  Charter  a  party  test,  and  ensure 
the  sanction  of  the  Executive  to  the  modifications  solicited  by 
the  Bank,  and  adopted  by  Congress. 


138     Correspondence  of  Nicholas  Eiddle 

I  give  you  these  suggestions  and  opinions  only  on  account 
of  the  source  from  whence  they  emanate.  They  are  urged 
with  apparent  zeal  in  favor  of  the  Bank,  and  altho'  I  am  for 
bidden  to  mention  names  I  have  no  doubt  it  was  expected  I 
would  communicate  their  ideas  to  you. 

My  own  opinion  is  that  the  object  is  entirely  political.  The 
popularity  of  the  President  must  fall  in  the  West,1  if  his 
hostility  to  the  Bank  is  continued.  The  letter  of  the  Private 
Secretary  urges  the  necessity  of  proper  modifications,  which 
cannot  be  suggested  by  the  President,  and  from  the  tenor  of 
that  letter,  and  the  anxiety  manifested  by  the  party  here,  I 
think  they  are  desirous  to  have  the  Bank  question  settled  by 
a  renewal  before  the  next  Presidential  canvass,  with  any 
modifications  to  free  the  Presdt  from  the  charge  of  an  entire 
abandonment  of  his  original  opposition. 

SAMUEL  SMITH  TO  BIDDLE 

Wash1.  7th  Dec1  1831 
My  dear  Sir 

I  had  last  night  a  long  conversation  with  McLane 
and  I  am  authorized  by  him  to  say  that  it  is  his  deliberate 
opinion  and  advice  that  a  renewal  of  the  Charter  ought  not 
to  be  pressed  during  the  present  session  in  which  I  concurr 
most  sincerely.  The  message  is  as  much  as  you  could  expect. 
It  shows  that  the  Chief  is  wavering.  If  pressed  into  a  Corner 
immediately  neither  McLane  nor  myself  will  answer  for  the 
consequences.  But  we  both  feel  confident  of  ultimate  success 
if  time  be  given  for  the  Pfc  to  convince  himself  of  the  Error 
into  which  opinion  long  formed  (prejudice  if  you  pleased) 

1  For  a  careful  discussion  and  analysis  of  President  Jackson's  popularity  in 
the  West,  cf.  Dodd,  William  E.,  Expansion  and  Conflict  (Boston,  1915),  pp.  20-39. 


From  Robert  Gibbes  139 

had  committed  him.  Every  day  new  Converts  are  making. 
Every  day  the  utility  of  the  Bank  is  becoming  better  known, 
and  its  popularity  increasing.  The  mind  of  the  President  is 
getting  better  informed.  And  the  increase  of  its  friends  can 
not  fail  to  have  a  favourable  Effect  on  him  therefore  do  not 
push  him  out  of  time.  Give  full  play  to  the  members  of  the 
Administration.  Every  one  of  whom  (except  Taney)  are  fa 
vourable;  his  opposition,  I  think,  arises  out  of  the  mistaken 
Idea  that  the  Bank  has  operated  politically.  Can  you  give  me 
the  means  of  Conquering  that  Idea. 

M  N.  Mangum  of  N.C.  a  new  Senator  is  a  warm  advocate 
of  the  Bank;  he  lodges  with  your  friend 

ROBERT  GIBBES  TO  BIDDLE 

confidential  Baltimore  IIth.  Decb.  1831. 

My  Dr.  Sir 

I  have  just  heard  a  conversation  which  I  deem  suf 
ficiently  interesting  to  write  you  about,  as  it  concerns  the 
Bank  of  the  U.S.  Of  its  accuracy  you  could  have  no  doubt 
did  you  know  the  individuals. 

From  the  Presidents  message,  and  the  Report  of  the  Secy 
of  the  Treasury  we  were  all  lead  to  believe  that  the  powers 
that  be  were  in  favor  of  re-chartering  that  invaluable  insti 
tution.  Now  to  the  facts  —  Barry,1  Woodbury,  &  Taney2 
are  hostile.  These  three  are  under  the  influence  of  Blair, 
Lewis,  Kendall  &  C.O.  who  still  rule  our  Chief  Magistrate, 
and  who  himself  is  an  enemy  to  the  Bank  in  despite  what  he 
is  made  to  say  in  his  message.  But  on  Mr.  McLane's  Report 
have  we  placed  our  hopes;  now  the  "Globe"  denounces  his 

1  Major  Barry,  a  close  friend  of  President  Jackson. 
8  Later  Secretary  of  Treasury  under  President  Jackson. 


140     Correspondence  of  Nicholas  Biddle 

sentiments,  and  the  Paragraph  formed  for  that  purpose  was 
so  objectionable,  that  on  being  shewn  to  Mr  MCL.  he  declared 
that  was  it  published,  he  would  send  his  resignation  the  next 
morning  —  it  was  accordingly  modified  as  it  appeared  in  that 
paper.  Neither  Barry  or  Woodbury  saw  the  Report  until  it 
appeared  in  print.  The  President  of  course  had  it  submitted 
to  him,  and  was  persuaded  at  the  time  to  give  it  his  sanction. 
But  has  since  read  with  satisfaction  the  Richmond  Enquirer 
which  says  that  it  will  require  a  majority  of  three  fourths 
of  Congress  to  carry  the  measure  into  a  Law. 

I  write  you  these  remarks  hastily,  as  they  may  be  of  serv 
ice  to  you  to  know  the  actual  state  of  affairs  at  Wash1,  in 
order  to  advance  the  all  important  subject  which  you  must 
have  so  much  at  heart.  I  fear  you  will  yet  have  much  trouble 
with  our  wise  governors.  You  have  most  heartily  my  good 
wishes  and  I  am  almost  prejudiced  enough  to  say  and  that 
of  every  honest  man  in  the  Community. 

C.  F.  MERCER  x  TO  BIDDLE 

(-private)  Washington  D.C. 

Decr  12th.  1831 

Dear  Sir 

.  .  .  Two  years  ago  I  earnestly  advised  you  not  to  at 
tempt  the  renewal  of  the  Charter  of  the  Bank  of  the  United 
States,  in  the  hey  day  of  Genl.  Jns  administration.  I  told  you 
what  I  dare  say  you  had  already  discovered  that  his  party, 
I  meant  its  active  leaders,  would  quarrel  among  themselves, 
and  knowing  his  hostility  to  the  Bank,  I  advised  you  to 
await  that  result. 

I  now  as  confidently  recommend  it  to  you  to  press  this 

1  Representative  from  Virginia. 


\  From  C.  F.  Mercer  141 

Congress  at  this  session  for  the  renewal  of  your  Charter  for 
reasons  too  numerous  and  important  to  be  compressed  in  the 
compass  of  a  letter  which  I  really  have  not  time  to  write.  I 
will  however  present  to  you  a  part  of  them,  and  my  object 
being  wholly  disinterested  I  shall  study  brevity  in  my  lan 
guage  rather  than  effect.  Gen1.  Jackson's  popularity  has  de 
clined  much  more  among  men  of  intelligence  than  with  the 
great  body  of  the  people.  It  has  especially  declined  in  Con 
gress.  But  his  election  is  as  certain  as  his  life.  He  hates  your 
Bank  and  has  reason  enough  to  do  so.  His  silly  notions  re-\ 
specting  it  have  been  exposed  with  your  approbation, 
he  is  mortified  or  vexed  as  well  as  angry. 

Altho  I  hold  his  election  to  be  certain  every  body  else 
does  not  do  so.  But  no  one  can  doubt  but  that  his  reelec 
tion  will  increase  the  effect  of  his  influence  over  this  Con 
gress. 

Calhoun  is  friendly  to  your  bank  and  he  will  certainly  not 
be  again  Vice  President.1  He  has  little  influence,  but  where 
it  exists  it  is  powerful  and  it  exists  among  your  enemies  to  the 
South. 

McDuffy  has  ability  and  influence  &  talents  and  integrity 
and  he  is  still  the  the  friend  of  Calhoun,  Chairman  of  the 
very  committee  to  whom  your  memorial  if  presented  would 
be  referred. 

Van  Buren  your  enemy  is  in  England.2  If  a  candidate 
four  years  hence  for  the  presidency  his  influence  will  be  felt 
to  your  prejudice. 

If  you  wait  till  the  next  session  of  Congress  remember 

1  Calhoun's  career  as  Vice- President  is  discussed  by  von  Hoist,  H.,  John 
C.  Calhoun  (Boston,  1898),  pp.  61-103. 

2  A  sketch  of  Van  Buren's  ministry  to  England  is  given  in  Shephard,  Ed 
ward  M.,  Martin  Van  Buren  (Boston,  1891),  pp.  191-203. 


142     Correspondence  of  Nichola ;  Biddle 

it  is  the  short  session  and  will  not  allow  time  to  mature 
your  bill.  Consider  also  that  by  that  period  Jacksons  suc 
cess  will  have  been  ascertained  and  his  power  enlarged  and 
invigorated. 

The  Secy  of  the  Treasury  and  Js  Cabinet  probably  are  now 
on  your  side.  They  may  not  continue  to  be  so  because  the  per 
sons  who  fill  these  political  stations  may  be  changed.  .  .  . 

HENRY  CLAY  x  TO  BIDDLE 

Washington  15th  December  1831. 
read  2oth  Decr  &  Referred  ComnV* 
on  the  Offices.2 
My  dear  Sir 

.  .  .  Have  you  come  to  any  decision  about  an  appli 
cation  to  Congress  at  this  Session  for  the  renewal  of  your 
Charter?  The  friends  of  the  Bank  here,  with  whom  I  have 
conversed,  seem  to  expect  the  application  to  be  made.  The 
course  of  the  President,  in  the  event  of  the  passage  of  a  bill, 
seems  to  be  a  matter  of  doubt  and  speculation.  My  own  be 
lief  is  that,  if  now  called  upon  he  would  not  negative  the  bill, 
but  that  if  he  should  be  re-elected  the  event  might  and  prob 
ably  would  be  different. 

1  On  October  4,  1831,  Clay  wrote  to  Francis  Brooke  on  the  need  of  re-char 
tering  the  Bank  as  follows:  "I  think  the  Charter  of  the  B.  of  the  U.S.  ought  to  be 
renewed  upon  equitable  conditions.  I  am  perfectly  willing  to  abide  by  the  rea 
sons  which  I  assigned  for  a  change  of  my  opinion  (the  only  change  of  opinion  I  ever 
made  on  a  great  pol.  question)  relative  to  that  institution,  and  which  are  to  be 
found  in  my  public  speeches."  And  again  on  December  25,  1831,  writing  to  Brooke: 
"The  Executive  is  playing  a  deep  game  to  avoid,  at  this  session,  the  responsibility 
of  any  decision  on  the  Bank  Question.  It  is  not  yet  ascertained  whether  the  Bank, 
by  forbearing  to  apply  for  a  renewal  of  their  Charter,  will  or  will  not  conform  to 
the  wishes  of  the  President.  I  think  they  will  act  very  unwisely  if  they  do  not 
apply."  Cf.  Colton,  Clay's  Works,  vol.  iv,  pp.  316,  322. 

*  These  words  are  in  red  ink  in  the  original  manuscript. 


From  Samuel  Smith  1 4  3 

SAMUEL  SMITH  TO  BIDDLE 

Washington,  Decr.  17.  1831 
Dear  Sir 

This  morning  Mr.  Clay,  on  returning  a  visit  I  had  paid 
him,  took  occasion  to  broach  the  subject  of  the  renewal  of 
the  Charter  of  the  Bank  of  the  U.  States,  by  enquiring 
whether  I  had  any  precise  information  as  to  its  purpose  to 
memorialise  Congress  on  the  subject.  I  replied  that  I  had  not; 
that  I  had  myself  been  inclined  to  think  that,  as  the  subject 
was  national,  and  had  so  repeatedly  and  recently  received 
the  notice  of  the  Executive,  it  might  be  the  best  policy  to 
let  the  Gov*  act  upon  it  without  the  special  interposition  of 
the  Bank,  as  it  would  in  this  event  be  acted  upon  on  large  pub 
lic  considerations,  free  from  the  prejudices  which  might  arise 
on  viewing  its  bearings  on  private  interests.  He  expressed  his 
dissent  from  this  opinion;  said  the  present  was  the  most  favor 
able  time  to  get  the  charter;  that  a  majority  of  the  two  Houses 
was  for  it;  that  he  himself  should  vote  for  it;  that  Mr.  Buck- 
ner,  the  new  Senator  from  Missouri,  had  told  him  he  would 
do  so;  that  the  President  had  unquestionably  the  last  sum 
mer  declared  (stating  the  name  of  the  individual  to  whom  he 
made  the  declaration)  that  either  the  Bank  or  Andrew  Jack 
son  must  go  down;  that  it  was  probable  that,  if  two  Houses 
passed  a  Bill,  the  President  would  approve  it  previous  to  the 
next  Presidential  election,  but  that  if  not  passed  previously 
he  did  not  doubt  his  rejecting  it;  in  fact,  that  now  or  never, 
was  the  time  to  act  with  any  chance  of  success. 

I  stated  to  him  that  in  conversation  with  several  members 
of  Congress,  personal  friends  of  the  President,  and  others  of 
like  character,  they  had  expressed  great  solicitude  that  the 


144    Correspondence  of  Nicholas  Eiddle 

subject  should  not  at  this  session  be  pressed  by  the  Bank, 
declaring  at  the  same  time  their  friendship  to  the  Bank, 
with  the  fear,  if  so  pressed,  the  measure  would  be  considered 
by  the  President  as  an  electioneering  one,  and  would  scarcely 
fail  to  be  felt  by  him  as  personal,  and  being  so  viewed  impel 
him,  in  the  assertion  of  his  independence,  to  put  his  veto  on 
the  Bill,  that  it  might  not  be  alleged  that  he  was  influenced 
by  a  regard  to  a  re-election;  that  the  Secretary  of  the  Treas 
ury  was  adverse  to  the  subject  being  taken  up  at  this  time; 
and  that  if  the  discussion  were  deferred,  as  public  opinion, 
particularly  in  the  West,  was  becoming  more  favorable,  the 
President,  yielding  to  its  influence,  would  be  apt  to  become 
himself  less  adverse  to  a  continuance  of  the  Charter. 

He  said  that  his  information  corraborated  mine;  but  that 
he  did  not  believe  the  effect  on  the  President  would  be  such 
as  was  represented;  that  if  the  Bank  memorialised  Congress 
it  would  be  but  following  in  the  wake  of  the  President;  that  if 
they  did  not,  he  doubted  whether  the  subject  would  be  effec 
tively  brought  forward ;  that  many  of  the  members  would  avail 
themselves  of  the  circumstance  to  wave  the  discussion  of  the 
subject;  that,  further,  it  should  be  considered  that  if  the  press 
ing  it  by  the  Bank  should  be  viewed  by  the  friends  of  the  Pres 
ident  as  an  electioneering  measure  aimed  against  him,  there 
was  another  aspect  of  the  subject  under  which  those  opposed 
to  the  President,  and  in  general  friends  to  the  Bank,  might 
consider  the  delay  to  memorialise,  especially  after  the  actions 
of  the  stockholders  on  the  subject,  as  an  electioneering  step 
against  them;  that  already  rumors  of  a  coalition  to  this  effect 
was  circulated;  and  that  in  regard  to  the  feeling  in  the  West, 
it  was  quite  doubtful;  he  believed  they  (the  representa 
tives)  might  without  injury  vote  for  a  renewal,  but  there 


From  Daniel  Webster         145 

would  be  little  sensation  there  let  the  decision  be  what  it 
might.  .  .  .£1 

Altho'  these  views  are  probably  familiar  to  you,  and  you 
may,  thro'  other  channels,  be  possessed  of  the  facts  I  have 
stated,  I  have  supposed  there  might  be  a  use  in  communi 
cating  them,  with  the  opinion  .  .  .  that  the  views  and  reason 
ing  of  Mr  Clay  are  in  the  main  correct.  I  may  add,  that  you 
know  him  sufficiently  well  to  admit,  that,  however  glittering 
the  prize  of  ambition  may  be,  he  is  remarkable  for  the  habit 
ual  exercise  of  dispassionate  judgement  and  clear  perception.  I 
would  add,  however,  my  aprehension,  that,  altho'  the  discussion 
will  shew  a  majority  in  favor  of  the  Bank,  there  will  be  a  suffi 
cient  number  of  members  voting  with  its  enemies  for  an  indefi 
nite  postponement  to  defeat  the  passage  of  a  Bill  this  session. 

...  I  am,  with  unfeigned  respect 

DANIEL  WEBSTER  TO  BIDDLE 

t 

Washington  Deer  18.  1831 
My  Dear  Sir 

The  state  of  my  health  &  the  severity  of  the  weather 
have  prevented  me,  since  my  arrival  here,  from  being  much 
abroad.  Nevertheless,  I  have  seen  a  great  number  of  per 
sons,  &  conversed  with  them,  among  other  things,  respecting 
the  Bank.  The  result  of  all  these  conversations  has  been 
a  strong  confirmation  of  the  opinion  which  I  expressed  at 
Philadelphia  that  it  is  expedient  for  the  Bank  to  apply  for 
the  renewal  of  its  Charter  without  delay.  I  do  not  meet  a 
Gentleman,  hardly,  of  another  opinion;  &  the  little  incidents 
&  anecdotes,  that  occur  &  circulate  among  us,  all  tend  to 
strengthen  the  impression.  Indeed,  I  am  now  a  good  deal 
inclined  to  think,  that  after  Gen1  Jackson's  re-election  there 


146    Correspondence  of  Nicholas  Biddle 

would  be  a  poor  chance  for  the  Bank.  I  am  well  informed, 
that  within  three  days,  he  has  in  conversation  with  several 
Gentlemen,  reiterated  his  old  opinions,  somewhat  vocifer 
ously,  &  declared  them  unchangeable. 

I  have  thought,  My  Dear  Sir,  the  best  advice  I  could  give 
you,  is,  that  you  come  down  here,  yourself,  &  survey  the 
ground.  You  will  have  access  to  men  of  all  parties,  &  can  di 
gest  your  information,  compare  opinions,  &  judge  discreetly 
upon  the  whole  matter.  In  my  judgment,  this  is  your  true 
course,  &  ought  to  be  immediately  followed. 

I  am,  Dear  Sir,  always  faithfully 

BIDDLE  TO  ASBURY  DICKINS  ESQ. 

Phila.  Dec1.  20,  1831. 
My  dear  Sir, 

.  .  .  Mr  McLanes  report  is  all  that  his  friends  could 
wish  —  enlarged  liberal,  wise,  &  statesmanlike.  It  is  much 
fitter  for  a  President's  message  than  the  President's  message 
itself  &  I  wish  with  all  my  heart  that  the  writer  of  it  was 
President.  The  style  of  the  paragraph  in  that  message  about 
the  Bank,  with  the  commentary  of  the  Globe,  the  Richmond 
Enquirer,  &  the  Standard,  I  confess  shake  my  confidence 
much.  It  is  not  in  such  an  ambiguous  tone  that  a  President 
should  speak  or  make  his  dependants  speak. 

THOMAS  CADWALADER  TO  BIDDLE 

Washington  20.  Dec:  1831. 

Tuesday  Eve: 
My  dear  Sir, 

This  is  merely  to  report  my  arrival  &  that  I  am  quar 
tered  at  Barnard's  Hotel. 


From  'Thorn as  Cadwalader      147 

I  had  some  talk  with  my  companion,  the  Senator,1  who 
seems  disposed  to  give  all  the  aid  he  can,  tho'  he  hangs  in 
doubt  as  to  the  policy  of  starting  the  application  now,  unless 
it  can  be  ascertained  that  we  have  2/3 ds,  in  asmuch  as  he 
has  lately  had  intimations,  from  a  quarter  wh  he  considers 
entitled  to  full  credit,  leading  him  to  apprehend  a  Veto,  on 
a  smaller  vote:  at  the  same  time  he  acknowledges  that  the 
chances  of  such  negative  may  be  greater  after  the  Election. 
Of  his  Colleague  &  Brother  in  Law  (W.)  he  speaks  doubt- 
ingly.  He  will  give  me  however  all  he  can  gather  about  him, 
as  well  as  about  the  members  below  from  Pennsa  &  says  he 
will  help  along.  I  have  sent  a  note  to  Mr  McLane,  asking  to 
fix  a  time  tomorrow  morning  to  talk  with  me,  &  you  shall 
hear  from  me  after  seeing  him.2 

THOMAS  CADWALADER  TO  BIDDLE 

Barnard's  3  —  Washington 

(Private)  21.  Dec.  1831. 

My  dear  Sir, 

I  yesterday  reported  my  arrival.  I  have  had  this  morn- 

1  This  must  refer  to  the  Senator  from  Pennsylvania. 

*  These  and  the  following  letters  of  Cadwalader  throw  much  light  upon  the 
political  moves  in  Washington  in  the  fall  of  1831.   Professor  Catterall  states  that 
John  Sergeant  and  Daniel  Webster  were  largely  instrumental  in  Riddle's  coming 
to  his  final  decision  to  memorialize  immediately  for  the  re-charter  of  the  Bank. 
However,  these  statements  are  not  substantiated  by  any  direct  proof.  It  is  quite 
correct  to  say  that  Sergeant  had  a  great  influence  on  Biddle's  moves  —  especially 
in  local  politics  and  in  the  later  re-chartering  of  the  Bank  by  the  State  of  Pennsyl 
vania.  But  there  is  no  evidence  to  show  Sergeant's  or  Webster's  power  in  the 
present  issue.  On  the  other  hand,  the  Cadwalader  correspondence  shows  almost 
conclusively  that  Biddle  was  mainly  swayed  by  what  his  agent  in  Washington 
reported. 

*  Barnard's  Hotel  was  at  the  northwest  corner  of  Pennsylvania  Avenue  and 
Fourteenth  Street.  Frederick  Barnard  had  succeeded  Basil  Williamson  as  pro 
prietor  in  1824.    Bryan,  Wilhelmas  B.,  A  History  of  the  National  Capital  (New 
York,  1916),  vol.  ii,  p.  59,  note  6. 


148     Correspondence  of  Nicholas  Biddle 

ing  a  long  &  frank  conversation  with  Mr  McLane.  He  says 
positively  that  the  President  will  reject  the  Bill,  if  the  matter  is 
agitated  this  Session.  He  (the  Pres*.)  &  those  about  him  wd 
regard  the  movement,  before  the  election,  as  an  act  of  hos 
tility,  or  as  founded  on  the  idea  that  his  opinions  w*1  bend  to 
personal  views,  &  that  his  fears  wd  induce  him  to  truckle.  Mr: 
M°L.  is  sure  that  under  such  circumstances  he  wd  apply  his 
veto,  even  if  certain  that  he  wd  thereby  lose  the  Election.  The 
question  he  says  cannot  now  be  started  without  being  re 
garded  as  a  party  one,  &  the  influence  of  the  government  wd 
be  thrown  upon  it  so  that  we  should  lose  a  large  number  of 
votes  which  under  other  circumstances  we  should  gain  — 
the  rejection  not  being  considered  as  a  final  one  —  as  the 
question  may  be  renewed  at  the  next  session,  or  a  subsequent 
one,  the  Veto  once  given  the  President  wd  never  swerve,  & 
that  2/3 ds  wd  be  required  on  any  subsequent  trial.  Accord 
ingly  to  the  Secy's  view  of  it,  therefore,  we  are  now  to  see 
whether  we  can  rely  on  2/3 ds  under  the  circumstances 
averted  to,  namely  the  operation  of  party  feeling,  &  Gov4 
influence  and  to  that  inquiry  I  devote  myself.  Mr.  MCL. 
seems  to  have  canvassed  the  Senate  thoroughly,  &  we  have 
gone  over  the  names  together.  He  gives  us  —  Maine,  Mass"3 
Rhode  Isd  Connecticut  &  Vermont  —  two  each  &  New 
Hampshire  making  1 1 

N.Jersey  2.  —  but  if  this  session,  strike  off  Dickerson  — 

say  then  I 

Pennsa  Wilkins  positively  against  us  this  Session  &  Dallas 
too  as  he  thinks,  tho  both  for  us  at  another  time  — 
Delaware  —  2 

tho'  if  Rodney  takes  Clayton's  place  he  is  contra. 
Maryland  (if  this  Session,  we  lose  Smith! ! I  for  certain),     I 


From  Thomas  Cadwalader      149 

N.Carolina  —  Alangum  —  (our  friend)  wd  vote  with  the 

party 

if  brought  on  now  —  Brown  against  us  — 
S.Car3  Hayne  dead  ag  the  Bank  —  Miller  ag*; 
us  now.   Georgia  Forsyth  —  on  one  side  but 
for  this  Session  wd  be  adverse.  Kentucky  (Clay),  I 

Tennesee  —  Grundy  wd  work  for  us  strongly  bye  £5?  bye, 

but  now  wd  be  contra.  Ohio  &  Louisa  4 

Indiana  —  Hendricks  favorable,  but  wd  go  with  Gov* 
if  now  to  vote  —  Hanna  resigned. 

Mississippi — Ellis  —  like  Hendricks  —  Pointdexter  dead  con. 
Illinois  —  both  contra.  Alabama  —  Moere  con. 
King  —  in  favor,  but  wd  go  with  party  if  now  to  vote. 
Missouri  —  (Buckner)  I 

21 

If  McL.'s  views  are  right  (&  he  tells  me  they  are  chiefly 
founded  on  personal  communications)  this  is  discouraging 
as  to  the  present  session.  As  to  the  H.of  R.  heconsiders  Maine 
all  contra;  New  Hampshire  divided;  Mass"8  all  in  favor,  so 
R.  Isld  Conn*:  &  Vermont,  N.Y.  15  dead  against,  4  doubt 
ful  —  the  rest  in  favor  (including  Root  &  White  —  both  of 
whom  at  present  session  wd  vote  contra). 
Jersey,  all  favorable  —  Pennsa  all  favorable,  but  half 

against  if  now  agitated  —  Del6  I  pro. 
Maryland,  2  doubtful  —  Mitchell  dead  against,   the  rest 

in  favor  —  but  2  of  them  agfc  now. 
Virg3  4  only  viz:  Barber,  Mercer,  Newton  &  Doddridge  — 

on  our  side 
N.Car*  3  pro :  all  the  rest  con  —  including  in  the  latter  yr 

Cavzna  Shiphard.1 

1  Must  be  William  B.  Shepard. 


150    Correspondence  of  Nicholas  Biddle 

S.Cara  all  con  —  except  McDufHe  &  Drayton. 

Georgia  —  Wilde  only  for  us.  Kentucky  5.  pro:  7.  con: 

Tenee  Arnold  &  Bell  pro  —  but  not  if  now  tested. 

Ohio — all  pro.  Louisa  all  con.  so — Indiana,  Illinois,  &  Alabama. 

Miss1  doubtful,  Missouri  pro  I.  — 

These  are  Mr  McLane's  impressions.  All  will  be  cautiously 

sifted  by  information  from  other  quarters. 

I  have  seen  McDuffie,  &  am  to  have  my  talk  with  him 
tomorrow  morning:  Had  a  note  also  from  Gen1  Smith — with 
whom  I  am  to  confer.  9  P.M.  I  have  just  left  Mr  McLane 
—  with  whom  I  have  passed  the  Eve.  We  have  gone  over 
the  ground  again  —  he  re-iterating  &  enforcing  his  views  & 
opinions  as  before  expressed,  amounting  to  this  —  if  you 
apply  now,  you  assurdedly  will  fail  —  if  you  wait,  you  will  as 
certainly  succeed.  He  thinks  Gen1.  J.  will  hereafter  sign  the 
Bill,  if  it  appears  that  a  large  portion  of  the  People  are  for  the 
Bank.  He  tells  me  Cass  Livingston  &  Barry  are  decidedly  for 
the  Bank,  &  Woodbury  also  favorable  to  it  —  the  2  later 
wd  work  against  it  if  the  question  is  agitated  before  the  Elec 
tion.  Taney  fixed  against  us  —  he  is  latterly  radical  on  all 
points  —  par  example ',  he  thinks  the  Judges  ought  to  hold 
their  appointments  only  for  4  or  5  years.  I  write,  as  my  letter 
shews,  hastily  —  no  time  to  read  over  —  People  calling  — 
all  the  P.M.  &  it  is  now  being  late.  I  will  get  together  before  I 
leave  this  place  materials  on  which  the  Board  may  make  cal 
culations  —  giving  as  I  shall  do,  the  authorities  on  wh  I  de 
pend.  My  object  is  to  correct  the  votes  on  wh  we  may  rely 
in  case  of  an  application  at  this  Session.  With  that  informa 
tion  before  us,  the  decision  may  readily  be  made. 

I  have  a  great  deal  of  private  matter  opened  to  me  wh  will 
better  to  talk  than  to  write  on. 


From  Thomas  Cadwalader 


THOMAS  CADWALADER  TO  BIDDLE 

Washington 

Barnard's  22.  Dec:  1831 
My  dear  Sir, 

I  yesterday  gave  you  the  ideas  of  Mr  McLane  &  have 
to  day  had  a  conference  with  Mr  McDuffie.  He  leans  strongly 
to  an  immediate  application  —  but  is  much  staggered  by  what 
I  learned  from  MCL.  He  now  thinks  we  must  ascertain  our 
strength  carefully  &  not  start  the  business  unless  sure  of  a 
majority  under  the  circumstances  adverted  to  in  my  last. 
He  was  entirely  candid  &  confidential  —  has  no  good  will  to 
the  Administration  &  is  disposed  to  view  their  movements 
with  doubt  &  suspicion.  He  will  not  give  up  the  idea  that  the 
P.  will  be  more  likely  to  sign  the  bill  now  than  after  the  Elec 
tion,  &  under  any  circumstance  he  thinks  we  ought  to  go  on, 
if  we  can  poll  a  certain  majority.  Let  the  P.  then  veto,  if  he 
finds  freedom  to  do  so  —  in  the  face  of  his  Message  &  McL's 
Report  —  &  we  may  bring  on  the  measure  with  a  fair  chance 
of  the  2/3 ds  next  year.  We  are  now  getting  exact  informa 
tion  as  to  the  vote  —  in  wh  he  will  help.  Tomorrow  after  ten, 
I  meet  Gen1  Smith  &  dine  with  him  &  McDuffie  at  Mr 
McLanes.  That  triumvirate  &  my  unworthy  self  are  to  dis 
cuss  the  subject  in  conclave  at  the  Secy's  office  on  Saturday 
Eve. 

All  our  Penns3  members  of  the  H.  of  R.  (except  Horn, 
Dewart,  *  &  Mann)  are  said  to  be  for  us,  even  in  the  teeth  of 
the  P  —  that  part  I  shall  better  sift,  before  I  rely  on  all  - 
Ford  &King,  I  do  not  feel  sure  of.  I  shall  look  closely  at  those 
of  them  who  voted  for  Stevenson, 2  fearing  their  steadiness 

1  This  evidently  refers  to  Lewis  Dewart,  Representative  from  Pa.,  1831-1833. 
*  Andrew  Stevenson  of  Virginia,  Speaker  of  the  House  in  1831. 


152     Correspondence  of  Nicholas  Bid  die 

in  acting  counter  to  Executive  influence.  MCD.  doubts 
whether  that  feeling  will  operate  as  powerfully  as  has  been 
supposed  —  he  calculates  on  the  odium  it  wd  produce,  affect 
ing  equally  the  acting  &  the  acted  upon. 

Observe  that  I  give  you,  as  I  go  along,  what  I  hear  from 
others.  When  I  get  all  the  materials  to  be  gathered,  &  hear 
all  opinions,  I  shall  make  up  my  own.  The  conference  of 
Saturday  Eve:  may  perhaps  open  new  lights  —  tho  there 
will  be  in  it  more  of  diplomatic  reserve  than  in  my  previous 
tete-a-tetes  with  the  Individuals.  I  keep  my  eyes  &  ears 
sharply  open  &  hear  a  great  deal  more  than  seems  to  be 
worth  recollecting 

I  am  interrupted  &  must  close  — 

THOMAS  CADWALADER  TO  BIDDLE 

Washington  23.  Dec:  1831 

Barnards 
My  dear  Sir, 

Gen.  Smith  entirely  goes  with  the  administration  in  his 
objections  to  the  agitation  of  the  question  at  this  Session  — 
it  will  be  made  a  Jackson  &  anti-Jackson  vote,  as  he  says, 
it  being  entirely  impossible  to  persuade  the  Prest  that  we 
are  acting  under  any  other  than  a  hostile  feeling  to  him. 
Under  that  view  of  the  subject,  in  a  vote  of  this  Session,  Smith 
says,  we  lose  in  the  Senate  10  votes  which  we  might  count 
in  our  favor  next  year  —  viz; 

Jersey  i.  Dickerson 

Pennsa  2  (Dallas  told  S.  so.  Wilkins  is  certain  for  the  party) 

Maryland  I  (Smith* !  !  !  as  he  himself  tells  me.) 

N.Car:  I.  (Mangum) 

Georgia  I.  (Forsyth) 


From  Thomas  Cadwalader      153 

Mississippi  I .  (Pointdexter  —  not  certain  —  as  he  is  sound 

with  the  Pres1:) 
Illinois  2  (Kane  &  Robinson  (both  supposed  friendly  — 

but  strong  party  men) 

Indiana  I   (Hendricks  —  doubtful  if  he  wd  vote  for  us  at 
10        all  —  another  man  to  be  in  Hanna's  place — 
dead  contra. 

*  Smith  failing  us,  you  will  think  the  question  settled  for 
this  session  —  &  so  it  is,  unless  we  can  turn  the  administra 
tion  men  from  their  objections  to  a  present  movement  of  it. 
This  I  shall  perhaps  know  in  a  few  days.  The  conference  with 
McLane,  Smith  &  McDuffie  is  put  off  to  Sunday.  Gen1.  S. 
&  also  MCL.  &  MCD.  advert  often  to  the  general  impression 
that  the  Bank  operates  powerfully  ag*  the  Jackson  party  — 
they  themselves  having  no  such  notion: — I  have  said  to  each 
of  them  that  your  Letter  Book  J  contains  the  best  evidence 
to  the  contrary  &  would  shew,  if  it  cd  be  looked  into,  that  we 
not  only  endeavour  to  keep  the  Bank  &  city  offices  out  of  the 
political  vortex,  but  dissuade  the  officers  of  the  Institution 
from  being  prominent  as  party  men.  I  recollect  letters  to  that 
point  extracts  from  which  cd  be  used  in  a  quiet  way  by  Smith, 
as  he  thinks,  with  a  powerful  effect  —  I  advise  you  sending 
them  if  no  objection  strikes  you  to  your  so  doing.  .  .  . 

I  therefore  now  close  —  with  one  remark  —  that  as  far  as 
my  consultations  with  our  friends  have  gone,  the  Jackson 
portion  of  them  argue  against  starting  the  question  at  this 
Session  —  and  the  Clay  portion  are  equally  anxious  for  its 
present  agitation.  .  .  . 

1  This  is  quite  true.  Cf.  Biddle  to  David  Sears,  January  5,  1824;  Biddle  to 
Isaac  Lawrence,  April  22,  1825;  Biddle  to  Campbell  P.  White,  November  27, 
1827. 


Correspondence  of  Nicholas  Biddle 

BIDDLE  TO  THOMAS  CADWALADER 

Phila.  Decr.  23.  1831 
My  dear  Sir, 

Your  favor  announcing  your  arrival  &  your  second 
giving  the  result  of  your  first  interview  are  received.  I  have 
not  had  yet  an  opportunity  of  apprizing  our  friends  S.  &  C.1 
of  the  state  of  things  but  shall  do  so  this  afternoon.  The  views 
of  Mr  M.  are  sufficiently  discouraging,  &  I  shall  wait  anx 
iously  for  the  further  lights  which  you  will  give. 

I  inclose  a  paper  of  which  I  have  no  other  copy  —  which 
therefore  you  will  have  the  goodness  to  send  back  when  you 
have  no  further  occasion  for  it,  or  to  bring  it  if  you  come  soon. 
It  is  an  extract  from  the  minutes  of  the  old  Bank  of  the  U.S. 
by  which  you  will  perceive  that  as  early  as  the  6th  of  Jany  1807 
—  four  years  before  the  expiration  of  the  charter,  and  when 
it  had  nearly  as  long  to  run  as  ours  has,  the  stockholders  met 
&  prepared  a  memorial  which  was  not  however  presented  until 
the  following  session  of  Congress  —  say  1808  (as  this  is  the 
substance  of  the  extract  it  is  not  worth  while  to  send  it)* 

*  Whence  may  be  argued  that  if  they  began  so  early,  we 
involved  or  provoked  as  we  have  been,  cannot  be  reproached 
with  a  premature  movement.  I  am  particularly  anxious  to 
know  the  opinion  of  Mr  McDuffie  in  whose  judgment  in  this 
matter  I  have  the  highest  confidence. 

BIDDLE  TO  THOMAS  CADWALADER 

Phila.  Decr.  24.  1831 

Saturday  night 
My  dear  General, 

The  mail  which  should  have  arrived  this  morning  did 
not  reach  us  till  night,  so  that  I  have  just  received  your  favor 

1  Sergeant  and  Clay. 


From  'Thomas  Cadwalader      155 

of  the  22d  inst  which  is  very  interesting.  On  this  whole  matter 
I  have  heard  much  &  thought  more  since  you  left  us.  I  of 
course  abstain  from  forming  any  definite  opinion,  but  I  will 
mention  to  you  exactly  my  present  state  of  mind.  It  is  this. 
If  Mr  McDuffie  could  insure  a  reference  to  the  Committee  of 
Ways  &  Means,  &  a  favorable  report  of  that  Committee,  I 
would  not  hesitate  to  try  it,  if  I  could  rely  on  a  majority  of 
one  only  in  each  house.  Once  fairly  launched  by  the  Comee 

1  think  we  could  succeed  by  a  larger  vote  —  but  this  you 
know  better  than  I  do.  I  have  not  said  this  to  anybody  except 
yourself  —  but  all  my  reflections  tend  that  way.  With  your 
letter  comes  a  second  from  Mr  Webster  renewing  with  in 
creased  conviction  his  opinion  expressed  in  the  most  decided 
manner  of  the  expediency  of  it. 

THOMAS  CADWALADER  TO  BIDDLE 

Washington  Sunday 

25  Dec:  1831 
My  dear  Sir 

My  last  letter  to  you  was  of  Friday  —  I  have  yet 
recd  no  communications  from  you.  Yours  of  the  23d  is  just 
brought  in  &  contents  noted.  This  morning  was  appointed  for 
the  conference  between  the  Secy:  G1  Smith  Mr  McDuffie  & 
myself,  the  Secy:  is  however  ill,  in  bed  —  &  we  must  await 
his  convalescence. 

I  have  had  much  talk  with  Mr  Webster  (who  is  now  at  An 
napolis)  Mr.  Silbee  present.  He  (W.)  seems  decidedly  for 
starting  the  memorial  if  we  are  sure  of  a  bare  majority  in  the 

2  Houses  —  &  even  indeed  if  we  are  sure  of  a  majority  in  H. 
of  R.  where  we  of  course  must  begin.  He  says  the  Senate 
will  not  throw  out  the  Bill.,  if  passed  below  —  &  he  thinks  the 


156    Correspondence  of  Nicholas  Bid  die 

Pres*.  will  not  reject  it — threaten  as  he  may  at  present, 
entre  nous,  it  is  evident  that  W's  opinions  are  guided,  in  some 
degree,  by  party  feelings  —  as  seems  to  be  the  Case  with 
most  of  the  Clay  men.  I  must  therefore  measure  opinions  with 
fair  allowances,  Mr  Adams,  with  whom  I  have  consulted,  & 
with  whom  I  shall  again  confer  takes  cooler  views  —  &  is 
more  disposed  to  look  at  the  question  under  all  its  aspects; 
leans  towards  postponing  unless  a  strong  vote  can  be  ascer 
tained.  Having  recd  the  N.  York  reports  this  morning,  I  be 
lieve  I  may  now  sum  up  our  supporters  in  that  delegation  at 
14  —  three  others  are  marked  doubtful.  In  Maine,  from  the 
best  information  I  can  get  we  shall  have  I.  vote  (Evans)  — 
we  certainly  have  all  the  Mass"3  R.  Id  Conn4:  &  Vermont  — 
in  N.  York  14  —  all  for  Jersey  —  22  from  Pennsa  besides 
Horn  (who  next  year  wd  vote  for  Bk  with  certain  restrictions 
—  as  Dallas  tells  me)  &  Mann  (perhaps)  Delaware  I.  Mary 
land  7.  Virginia  (as  polled  by  Mercer  &  Archer  —  Archer 
dead  ag1  us  on  constitutional  grounds  —  but  polling  his  Dele 
gation  on  honour  &  after  conversing  with  each  member  — 
who  agree  in  the  result  (6.  N.Car:  as  polled  by  Yr  Kins 
man  Shephard — (who  is  for  the  Bk)  6 — certain  —  S.Car: 
2  (McDuffie  &  Drayton)  Georgia  I  Kentucky  5  —  Tenee  I. 
(certain)  besides  Bell  who  will  vote  with  us  if  he  can.  Ohio  14. 
certain — Louisa  3 — certain  &  Missouri  I .  certain — giving  for 
the  Bank  1 16  —  &  leaving  against  it  97.  These  pollings  I  have 
gone  over  with  McDuffie  this  morng :  &  he  confirms  them  — 
we  look  therefore,  allowing  for  absences,  to  20.  majority — wh 
he  thinks  good  ground  to  go  upon — supposing  the  Bill  Safe  in 
Senate — as  to  that  Body —  I  ran  them  over  in  a  former  Letter 
— now  again,  more  knowingly.  Maine  Mass"3  R.I.d  Connecti 
cut  &  Verm1  2  each — N.Ham.  I.  certain  (making)  =  n. 


From  Thomas  Cadwalader      157 

N.Jersey  (taking  off  Dickerson  if  now  agitated  ag*:  wishes 
of  Pres1.  certain}  —  I 

Pennsa  (W.  &  D.  both  torn  with  contending  calculations 
—  but  I  have  reasons  to  believe  they  will  consider  State 
interests  as  paramount  to  be  explained  when  we  meet. 

Del  =  2  &  Md  I.  (Gen1.  Smith  told  me  he  must  desert 
if  now  pushed  —  maybe  not  —  but  let  him  pass)  (certain) 
3  wd  vote  for  Bk  thro'  thick  &  thin  —  N:Car:  (Mangum 
told  McDuffie  he  wd  &  believes  his  colleague 
Brown  will  go  with  him  —  but  say  certain)  —  I 

Georgia  Forsyth  our  friend  —  but  probably  not  with  us  now 
Kentucky  I .  Ohio  &  Louisa  4  —  certain  5 

Tensee  —  Grundy  in  favor  —  but  cannot  now  go  it. 
Mississippi  —  Pointdexter  anti  Jackson  &  believed  with  us  I 
McDuffie  will  ascertain  however  —  Missouri  (certain)          I 

now  believed  certain  (if  Pointdexter  is  right)  —  25 

With  us  another  time  —  Dickerson  —  Smith  —  Forsyth 
&  Grundy  —  perhaps  Brown  —  say  5  =  making  29  or  30  on 
another  occasion.  —  Under  these  circumstances  McDuffie 
leans  in  favor  of  going  it  now  —  &  so  do  I  —  but  we  think  it 
best  not  to  decide  till  after  the  Conference  with  McLane  & 
Smith.  We  have  full  confidence  in  McL's  candour  —  as  to  his 
belief  that  J.  will  put  on  his  veto  —  but  the  old  Gentm  may 
shake  in  his  intentions  —  and,  if  he  return  the  Bill,  he  may 
state  objections  that  perhaps  may  be  yielded  to  by  us. 
We  shd  in  fact  have  hopes  of  him  on  a  future  occasion,  if  he 
takes  any  other  than  the  broad  ground  of  the  constitution. 
We  might  be  blamed  for  losing  this  Session  (the  long  one  — 
moreover)  &  tho'  we  go  counter  to  the  administration  men  — 
who  are  interested  in  postponing,  we  keep  the  other  party 


158     Correspondence  of  Nicholas  Biddle 

with  us  —  some  of  whom  wd  be  lukewarm,  Webster  wd  be 
cold,1  or  perhaps  hostile,  if  we  bend  to  the  Gov*  influence. 
I  do  not  yet  decide  —  but  incline  to  suppose  that  after  the 
council  at  the  Treasury,  I  shall  advise  the  Com66  to  start 
the  memorial.  I  shall  not  do  so  however  unless  McDume's 
opinion  is  decidedly  that  way,  for  he  is  our  main  stay  —  & 
if  we  make  a  blunder  I  have  told  him  that  I  shall  throw  it  on 
him. 

All  agree  that  when  started,  the  H.  of  R.  must  lead  —  & 
all  say  it  will  not  be  committed  to  the  Com66  of  W.  &  M.  but 
to  a  special  one  —  7.  will  be  the  number  &  of  course  the 
Speaker  will  appoint  —  4  for  &  3  against  —  so  say  McDuffie 
&  all  —  no  danger  of  his  breaking  a  custom  so  fixed.  Every 
thing  then  depends  on  having  the  proper  man  as  chair 
man.  McDuffie  promised  to  move  the  Commitment  of  the 
Memorial  —  wh  puts  him  in  that  position  &  thus  gives  us  a 
fair  chance. 

THOMAS  CADWALADER  TO  BIDDLE 

Washington  26  Dec:  1831 
My  dear  Sir: 

I  have  your  letter  of  Saturday  night  —  (24th  ins1.) 
and  am  glad  to  find  the  leaning  of  your  mind,  as  to  the  ques 
tion  of  present  action  or  postponement,  to  be  in  the  direction 
of  my  own  notions  .  .  . 

In  my  estimates  of  votes  I  counted  Findlay  of  Ohio  as  for 
us  —  he  is  decidedly  adverse.  We  have  however  Gen1  Dun 
can  of  Illinois  our  firm  friend  —  who  was  considered  against 

1  Professor  Catterall,  in  his  book  on  the  Second  Bank  of  the  United  States 
makes  the  statement,  on  page  218,  that  this  remark  was  made  in  a  footnote  by 
Cadwalader.  However,  the  above  extract  shows  that  it  was  in  the  regular  context 
of  the  letter. 


From  Thomas  Cadwalader      159 

us  —  &  I  have  reason  to  hope  that  several  of  those  marked 
doubtful  on  my  list  —  will  be  on  our  side  .  .  . 

I  shall  not  consult  Dallas  &  Wilkins  as  to  the  policy  of  act 
ing  now  —  knowing  they  wd  incline  to  postpone  —  &  not 
wishing  to  ask  advice,  under  strong  probabilities  of  going 
against  it.  They  are  now  well  inclined  to  help  us  to  votes  — 
&  Wilkins,  tho'  always  protesting  for  non-commitment  on  the 
Bk  question,  is,  as  I  verily  think,  more  warm  in  our  cause 
than  D  —  being  more  linked  in  the  great  points  of  State  In 
terest —  to  wh,  as  he  admits  the  extinction  of  the  Bk  wd 
carry  a  death  blow.  On  tariff  &  internal  improvements  he  is 
Quixotic  —  Dallas  has  a  cooler  head,  if  not  heart.  .  .  . 

My  yesterdays  Letter  gave  my  ideas  as  to  the  modus  ope- 
randi  in  the  H.  of  R.  if  now  to  go  on.  I  am  more  in  doubt 
as  to  the  course  in  the  Senate  when  the  Bill  goes  up.  As  to 
Smith,  after  his  confession  to  me  of  adhesion  to  Palace  in 
fluence  we  must  understand  with  him,  in  a  candid  &  friendly 
way,  that  he  must  hold  back,  &  that  some  other  Champion 
must  head  our  Column  —  who  it  ought  to  be  is  the  question 
• —  as  to  power  of  talent,  we  wd  at  once  designate  Webster 
—  but  the  name  carries  a  deadly  bearing  of  party  feeling, 
wh  it  seems  to  me  wd  counterbalance  the  good  we  might  de 
rive  from  him  in  other  respects.  Mc.  Duffie  may  perhaps 
enlighten  me  in  the  darkness  in  wh  I  confess  myself  now  to 
be  enveloped  —  &  I  mention  the  difficulty,  now  in  time,  to 
you,  for  the  benefit  of  your  views  .  .  . 

Expect,  very  shortly  after  that  Conference  at  the  Treasury, 
to  receive  my  opinion  as  to  the  policy  of  now  presenting  the 
memorials  —  or  waiting  for  a  less  stormy  occasion.  You  may 
as  well  have  the  papers  ready. 


1 60    Correspondence  of  Nicholas  Biddle 

THOMAS  CADWALADER  TO  BIDDLE 

Washington  26.  Dec  1831 
My  dear  Sir 

Your  last  letter  is  of  Saturday  night  (23d  ins1)  ansd 
by  me  yesterday  —  Nothing  to  day  from  you. 

Mr  Peter  R.  Livingston  x  (Brother  of  the  Secy:  of  State, 
in  whose  House  he  is  living)  came  to  see  me  last  Eve.  He  is 
strongly  of  opinion  that  we  ought  to  start  an  application  now. 
He  says  his  Brother  McLane  &  Cass 2  wd  prevent  the  veto 
tho'  they  are  all  desirous  of  saving  the  Presfc.  from  the  neces- 

1  Peter  Livingston  was  largely  instrumental  for  the  election  of  William  H. 
Seward  as  Governor  of  New  York  in  1834.  "Livingston  had  been  a  wheel  horse 
in  the  party  of  Jefferson.  He  had  served  in  the  Senate  with  Van  Buren;  he  had  taken 
a  leading  part  in  the  convention  of  1821,  and  he  had  held  with  distinction  the 
speakership  of  the  Assembly  and  the  presidency  of  the  Senate.  His  creed  was  love 
of  republicanism  and  hatred  of  Clinton.  At  one  time  he  was  the  faithful  follower, 
the  enthusiastic  admirer,  almost  the  devotee  of  Van  Buren;  and,  so  long  as  the 
Kinderhook  statesman  opposed  Clinton  he  needed  Livingston.  But  when  the  time 
came  that  Van  Buren  must  conciliate  Clinton.,  Livingston  was  dropped  from  the 
Senate.  The  consequences  were  far  more  serious  than  Van  Buren  intended.  Liv 
ingston  was  as  able  as  he  was  eloquent  and  Van  Buren 's  coalition  with  Clinton 
quickly  turned  Livingston's  ability  and  eloquence  to  the  support  of  Clay.  Then 
he  openly  joined  the  Whigs."  Alexander,  De  Alva  S.,  A  Political  History  of  New 
York  (New  York,  1909),  vol.  i,  pp.  402,  403. 

2  Lewis  Cass  did  not  agree  with  President  Jackson  in  his  attack  on  the  Bank.  On 
September  23,  1833,  Cass  made  an  appointment  with  Lewis  to  discuss  the  matter 
of  the  removal  of  the  deposits.  "Cass  commenced  the  conversation,"  wrote  Lewis, 
"by  remarking  that  his  object  in  desiring  to  see  me  before  I  left  was  to  inform 
me  that  he  had  determined  to  resign  his  seat  in  the  cabinet,  and  wished  to  con 
verse  with  me  upon  the  subject  before  he  handed  his  letter  of  resignation  to  the 
President.  He  said  he  differed  with  the  President  with  regard  to  the  measures 
which  were  about  to  be  adopted  for  the  removal  of  the  public  deposits  from  the 
United  States  Bank,  and  as  his  remaining  in  the  cabinet  might  embarrass  his 
operations,  he  owed  it,  he  thought,  both  to  himself  and  the  President  to  with 
draw."  Lewis  urged  him  to  acquaint  Jackson.  Cass  was  finally  induced  to  remain 
in  the  Cabinet,  but  in  a  later  Cabinet  meeting,  when  asked  his  opinon  on  the  meas 
ure,  Cass  simply  and  frankly  said:  "You  know,  sir,  I  have  always  thought  that 
the  matter  rests  entirely  with  the  secretary  of  the  treasury."  McLaughlin,  A.  C., 
Lewis  Cass  (Boston,  1898),  pp.  154,  155. 


To  Samuel  Smith  1 6 1 

sity  of  acting  one  way  or  the  other,  before  the  Election  —  they 
look  to  Pennsa  with  great  anxiety.  Mc.  Lane  calculated  in  his 
talks  with  me  on  half  that  delegation  voting  postponement, 
in  conformity  with  the  wishes  of  the  administration  phalanx. 
Now  I  do  not  think  they  can  shake  more  than  four  of  them,  if 
so  many  —  &  the  more  I  see  of  the  Senators  D.  &  W.  the 
more  satisfied  am  I  that  the  opinions  lately  expressed  as  to 
their  votes  are  well  founded.  They  are  strongly  inclined  to 
aid  the  wishes  of  the  Palace  men  in  dissuading  from  moving 
the  question  this  Session  —  but  whenever  moved  they  must 
support  it. 

Mr.  Livingston  has  been,  as  you  know,  an  active  &  power 
ful  worker  in  the  politics  of  N  York.  He  enters  zealously  into 
this  Bk  question  —  (probably  from  Party  feeling  —  a  Mem 
ber  of  the  Clay  Convention)  besides  the  14  favorable  votes  of 
his  State  on  wh  I  have  before  counted,  he  says  he  can,  &  will, 
bring  over  some  of  those  marked  on  my  list  as  doubtful  — 
viz:  Angel,  Babcock,  Cooke,  Hogan,  Lansing,  Lent,  Pierson, 
Reed  &  Soule.  He  is  now  engaged  in  that  good  work  &  is  to 
report  the  result.  When  the  subject  comes  up  much  warmth, 
say  indeed  violence,  is  to  be  expected  —  &  we  may  find  some 
shaking,  on  whose  firmness  we  now  count.  I  am  fully  in  the 
belief,  however,  that  we  shall  gain  more  from  those  marked 
"uncertain"  &  now  by  me  counted  as  adverse,  than  will 
make  up  any  losses  from  my  present  list  of  yeas.  .  .  . 

BIDDLE  TO  SAMUEL  SMITH 

Phil3.  Jany  4,  1832 
My  dear  Sir, 

You  will  hear,  I  am  afraid  with  regret,  tho'  not  with 
surprize,  that  we  have  determined  on  applying  to  the  present 


1 6  2     Correspondence  of  Nicholas  Riddle 

Congress  for  a  renewal  of  the  Charter  of  the  Bank  &  that  a 
memorial  for  that  purpose  will  be  forwarded  tomorrow  or  the 
next  day.  To  this  course  I  have  made  up  my  mind  after  great 
reflection  &  with  the  clearest  convictions  of  its  propriety.  The 
reasons  I  will  briefly  explain.  I.  The  Stockholders  have  de 
volved  upon  the  Directors  the  discretion  of  choosing  the  time 
of  making  the  application.  If  we  should  omit  a  favorable  op 
portunity  we  would  commit  an  irreparable  error,  &  would  be 
permanently  reproached  with  it  by  the  Stockholders.  Now 
these  Stockholders  are  entirely  unanimous  in  their  opinions 
and  in  a  case  of  such  grave  responsibility  their  wishes  are  en 
titled  to  great  consideration.  Unless  therefore  there  should 
be  some  very  strong  reason  against  it,  the  application  should 
be  made.  2.  Independent  however  of  this,  I  believe  That  this 
is  the  proper  time.  The  Charter  will  expire  in  March  1836  — 
Unless  the  present  Congress  acts  upon  it,  we  must  wait  'till 
the  Congress  of  December  1833,  &  could  not  expect  from 
them  any  decision  before  after  March  1834  which  would  bring 
the  Bank  within  two  years  or  18  months  of  the  expiration  of 
its  charter.  Now  whether  the  institution  is  to  be  continued 
or  destroyed  that  time  is  too  short.  Until  the  question  is 
settled  every  thing  will  be  uncertain.  No  man  can  look  ahead 
in  either  public  or  private  affairs  as  to  the  state  of  the  cur 
rency  &  there  will  be  constant  anxiety  about  our  whole  monied 
system.  The  Bank  too  ought  to  know  its  fate  so  as  to  close 
its  affairs  without  inflicting  deep  &  dangerous  wounds  upon 
the  community  by  sudden  shocks  &  changes.  I  believe  there- 
— fore  that  this  is  the  best  time  for  settling  the  question.  If  the 
Bank  is  to  be  continued  the  country  ought  to  know  it  soon. 
If  the  Bank  is  to  be  destroyed  the  Bank  &  the  country  ought 
both  to  know  it  soon. 


To  Samuel  Smith  1 6  3 

The  only  objection  I  have  heard  to  it,  is,  as  far  as  I  under 
stand,  this :  that  in  about  a  year  hence  there  is  to  be  an  elec 
tion  for  a  President  of  the  U.S.  —  and  if  the  application  is 
now  made,  the  gentleman  who  is  now  President  will  take  it 
amiss  &  negative  the  bill — while  if  the  Bank  will  refrain  from 
applying  until  after  his  election  is  secured,  he  will  probably 
be  permitted  to  abstain  from  negativing  it.  This  seems  to  em 
brace  the  whole  case  —  Let  us  look  at  it.  In  the  first  place 
then,  neither  I  nor  any  of  my  associates  have  any  thing  what 
ever  to  do  with  the  President  or  his  election.  I  know  nothing 
about  it  &  care  nothing  about  it.  The  Bank  has  never  had  any  / 
concern  in  elections  —  it  will  not  have  any  now.  To  abstain 
from  anything  which  it  would  otherwise  do,  on  account  of 
an  election,  is  just  as  bad  as  doing  anything  on  account  of  an 
election.  Both  are  equal  violations  of  its  neutrality.  There  are 
many  politicians  who  want  to  bring  it  on  because  it  would 
benefit  their  side.  There  are  many  other  politicians  who 
want  to  put  it  off  because  that  would  benefit  their  side. 
Hitherto  they  have  been  urged  to  bring  it  before  the  last 
Congress  in  hopes  that  it  would  injure  the  present  incumbent 
—  now  they  are  urged  to  postpone  it  because  postponement 
would  benefit  him.  The  Bank  cares  not  whether  he  is  bene 
fited  or  injured.  It  takes  its  own  time  &  its  own  way. 

In  the  next  place  what  appears  to  me  I  confess  wholly  in 
explicable  is  why  the  friends  of  the  present  incumbent  who 
are  also  friends  of  the  Bank,  if  they  think  the  Bank  question 
likely  to  injure  the  President,  do  not  at  once  take  the  question 
out  of  the  hands  of  their  adversaries.  If  the  President's 
friends  were  to  come  forward  &  settle  the  Bank  question 
before  the  election  comes  on,  they  would  disarm  their  antago 
nists  of  their  most  powerful  weapon.  I  am  very  ignorant  of 


164    Correspondence  of  Nicholas  Eiddle 

party  tactics,  &  am  probably  too  much  biased  to  be  a  fit 
judge  in  this  case,  but  such  a  course  has  always  seemed  to  me 
so  obvious  that  I  have  never  been  able  to  comprehend  why  it 
was  not  adopted. 

But  again  what  is  the  reason  for  supposing  that  the  present 
incumbent  will  be  offended  by  bringing  it  forward  now?  What 
possible  right  has  he  to  be  offended  ?  What  too  has  he  meant 
by  all  these  annual  messages  —  declaring  in  1829  that  he 
could  not  "too  soon  present  it"  to  Congress  —  repeating  the 
same  thing  in  1830  —  and  reiterating  it  in  1831.  Was  this  all 
a  mere  pretence?  that  the  moment  the  Bank  accepts  his  own 
invitation  he  is  to  be  offended  by  being  taken  at  his  word. 

But  moreover  he  is  to  negative  the  bill.  That  is  to  say,  he 
will  agree  to  the  bill  hereafter,  but  because  he  thinks  it  will 
interfere  with  his  election  he  will  negative  it  now.  Truly  this 
is  a  compliment  which  I  trust  he  does  not  deserve  from  his 
friends,  for  even  I  who  do  not  feel  the  slightest  interest  in  him 
would  be  sorry  to  ascribe  to  a  President  of  the  United  States 
a  course  much  fitter  for  a  humble  demagogue  than  the  Chief 
Magistrate  of  a  great  country.  He  will  sign  a  bill,  which  of 
course  he  must  think  a  good  one,  when  his  election  is  over  — 
but  he  will  not  sign  this  bill,  which  he  thinks  a  good  one,  —  if 
it  is  likely  to  take  votes  from  him  at  an  election.  And  after  all, 
what  security  is  there  that  when  his  election  is  over,  he  will 
not  negative  the  bill  ?  I  see  none.  On  the  contrary  I  am  satisfied 
that  he  would  be  ten  times  more  disposed  to  negative  it  then 
than  now.  Now  he  has  at  least  some  check  in  public  opinion 
—  some  in  the  counsels  of  those  around  him  —  then  he  will 
have  neither.  And  now,  my  dear  Sir,  I  have  tired  myself  as 
I  have  certainly  you  with  these  opinions  which  you  think  very 
erroneous  &  very  disrespectful  perhaps  to  the  President.  But 


From  Louis  McLane          165 

I  wanted  to  explain  precisely  the  course  of  thinking  which  has 
brought  me  to  my  present  conclusion.  The  only  regret  which 
accompanies  it  is  that  it  has  not  the  concurrence  of  Mr 
McLane  &  yourself  to  whom  the  Bank  as  well  as  myself  per 
sonally  owe  much  for  the  manner  in  which  you  have  both 
sustained  the  institution.  I  cannot  express  to  you  how  much 
I  am  concerned  at  not  being  able  to  adopt  the  suggestions  of  \ 
Mr  McLane  who  has  behaved  so  handsomely  in  this  matter. 
But  we  must  each  in  our  respective  spheres  of  duty  follow 
our  own  convictions  with  mutual  regret  but  still  with  mutual 
respect. 

To  you  I  always  looked  forward  as  a  friend  &  advocate  of 
the  Bank  whenever  the  question  of  its  renewal  was  agitated. 
I  shall  be  very  sorry  on  many  accounts  that  from  a  difference 
of  opinion  in  regard  to  time  you  will  be  constrained  to  with 
hold  your  aid  —  but  I  assure  you  it  will  abate  none  of  the 
regard  for  you  —  &  the  fullness  of  these  explanations  will  I 
hope  satisfy  you  of  my  anxiety  to  State  to  you  frankly  & 
distinctly  the  motives  which  lead  me  to  a  conclusion,  differing 
I  believe  for  the  first  time  —  from  Your's  on  the  Subject  of 
the  Bank. 

LOUIS  McLANE  TO  BlDDLE 

Washington  Jan.  5.  1832 
Dear  Sir, 

General  Cadwallader  has  returned  to  Philadelphia, 
and  I  apprehend  with  impressions,  favorable  to  an  attempt 
to  renew  the  charter  of  the  Bank  of  the  United  States  at  the 
present  session  of  Congress.  When  he  consulted  me  upon  the 
subject  soon  after  his  arrival  here,  I  frankly  &  distinctly  dis 
couraged  the  attempt  and  on  grounds  which  I  believe  well 


1 66     Correspondence  of  Nicholas  Bid  die 

entitled  to  weight.  Other  Counsels  however,  and,  as  I  think 
too  sanguine  expectations  of  support  from  Congress,  appear 
to  have  had  greater  influence:  and  it  has  occurred  to  me  as 
proper  that  I  should  communicate  my  opinions  directly  to  you. 

I  do  not  profess  to  be  in  a  situation  to  become  the  adviser 
of  the  Bank,  and  I  desire  to  be  irresponsible  for  the  future 
decision  of  the  Directors  and  the  stockholders.  The  position 
I  occupy  in  the  Government,  however,  and  that  in  which  the 
late  annual  report  which  my  sense  of  public  duty  constrained 
me  to  make  has  placed  me  in  relation  to  the  Bank  and  may 
possibly  place  me  in  relation  to  any  immediate  attempt  to  re 
new  the  Charter,  make  it  necessary  for  me  to  prevent  mis 
apprehension  from  any  quarter  distinctly  to  state  my  own 
opinions.  This  will  at  least  leave  me  uncommitted  for  the 
future  whatever  weight  may  be  given  to  my  views. 

I  feel  constrained  therefore  to  say  that  I  am  decidedly  op 
posed,  both  on  principle  and  on  grounds  of  expediency,  to  an 
attempt  to  renew  the  Charter  of  the  Bank  during  the  present 
Congress. 

The  annual  report,  for  the  reasons  stated  in  it,  recommends 
the  renewal  of  the  charter  "at  the  proper  time,7'  thereby  ob 
viously  excluding  any  premature  renewal  which  should  be 
inconsistent  with  the  principle  and  term  of  the  charter  and 
not  necessary  to  the  safety  of  the  stockholders,  or  the  inter 
ests  of  the  debtors  and  convenience  of  the  community  at  large. 

The  charter  of  the  Bank  will  not  expire  until  one  year 
after  the  termination  of  the  next  Congress :  before  that  period 
Congress  has  no  authority,  without  the  consent  of  the  Stock 
holders,  to  alter  its  provisions;  and  a  law  passed  in  the  interim 
can  only  take  effect  after  the  expiration  of  the  present  charter. 

Unless  it  could  be  shown  that  all  the  remaining  period  of 


From  Louis  McLane          167 

the  charter  is  necessary  to  accommodate  the  business  of  the 
Bank  to  the  ultimate  decision  of  the  Government  this  would  be 
no  just  pretence  for  requiring  that  decision  at  this  time,  and 
perhaps  no  greater  motive  for  doing  so  than  there  was  during 
the  last  session.  To  me  there  appears  to  be  no  such  necessity; 
and  it  does  not  follow  that  those  friendly  to  the  institution 
could  be  expected  to  make  their  final  decision  at  this  time. 

In  the  case  of  such  a  Corporation  as  that  of  the  Bank  of 
the  United  States  the  Government  is  entitled  to  so  much  of 
the  term  of  the  Charter  for  the  benefit  of  full  experience  and 
of  amply  taking  the  good  management  of  the  corporation,  as 
may  be  consistent  with  the  public  interest.  Independently  of 
this  right  a  subject  on  which  there  is  so  great  a  diversity  in 
public  opinion,  involving  so  many  important  interests  of  all 
classes  of  the  community,  and  which  has  already  attracted  a 
large  portion  of  public  attention  should  not  be  disposed  of 
without  again  affording  an  opportunity  of  a  distinct  expres 
sion  of  the  will  of  the  people.  The  present  Congress  has  not 
been  chosen  with  any  direct  reference  to  this  question,  and 
there  are  no  constitutional  means  of  ascertaining  the  sense  of 
the  people  before  the  elections  preparatory  to  the  23d.  Con 
gress.  Favorable  as  I  am  to  the  continuance  of  the  Bank,  if  I 
could  be  persuaded  that  a  decided  majority  of  the  people  of 
the  United  States  were  certainly  opposed  to  re-chartering  it 
as  at  present  organized,  I  could  not  consent,  with  the  prin 
ciple  of  Government  which  I  hold,  to  forestall,  by  any  pre 
mature  action,  the  force  of  public  sentiment,  or  to  exclude 
the  advantage  of  other  counsels  with  a  fuller  knowledge  of 
the  subject. 

It  must  be  obvious  that  both  the  interests  of  the  present 
Banks  and  the  general  expediency  of  such  an  institution  re- 


1 6  8     Correspondence  of  Nicholas  Biddle 

quire  that  the  consideration  of  the  subject  should  be  separate 
from  party  questions,  with  which  it  has  properly  no  concern; 
and  it  is  equally  clear  that  in  the  present  state  of  political 
parties,  whatever  may  be  the  motive  of  the  friends  of  the 
Bank,  it  must  undoubtedly  be  mixed  up  with  topics  alto 
gether  unfavorable  to  a  dispassionate  judgement. 

It  is  not  unreasonable  to  infer  that  these  considerations  will 
have  their  weight  with  the  members  of  the  present  Congress ; 
who  will  see  nothing  in  a  refusal  to  legislate  at  present  incon 
sistent  with  the  maintenance  of  their  own  views  under  more 
favorable  circumstances. 

I  have  no  right,  nor  do  I  profess  in  any  manner,  to  speak 
for  the  President;  his  opinions  are  before  the  Country  in  his 
official  messages  in  each  of  which  he  has  invited  the  People  of 
the  United  States  to  an  investigation  of  the  subject.  But  in 
dependently  of  the  views  he  has  heretofore  avowed,  and  how 
ever  they  might  be  ultimately  affected  by  a  deliberate  ex 
pression  of  the  will  of  a  decided  majority  of  the  People  of  the 
U.S.  it  would  be  unreasonable  to  expect  that  he  could  now 
consent  finally  to  foreclose  the  investigation  which  he  him 
self  has  invited,  before  the  public  sense  has  been  constitu 
tionally  declared  ascertained. 

For  myself  I  must  say  that  holding  the  principles  I  do  and 
have  here  expressed,  as  one  of  the  constitutional  advisers  of 
the  President  I  could  not  consistently  interpose  an  objection 
to  the  exercise  of  his  negative  upon  a  bill  rechartering  the 
Bank  during  the  present  Congress,  unless  presented  to  him 
as  one  of  and  in  connection  with  a  series  of  measures  for  ad 
justing,  upon  principles  of  compromise,  all  the  great  interests 
of  the  Country. 

I  deem  it  unnecessary  to  repeat  my  opinion  of  the  expedi- 


From  John  Connell  169 

ency  or  necessity  of  a  National  Bank  on  the  grounds  and  for 
the  purposes  I  have  heretofore  publicly  stated,  but  I  will  not 
disguise  the  solicitude  I  feel  lest  any  premature  attempts  to 
re-charter  the  present  Bank  by  exposing  it  to  the  influence  of 
party  feeling  and  prejudice,  should  hereafter  encourage  the 
preference  to  an  entirely  new  institution.1 

DANIEL  WEBSTER  TO  BIDDLE 

W.Jan.  8.  (1832?) 
My  Dear  Sir 

I  cannot  but  think  you  have  done  exactly  right.  What 
ever  may  be  the  result,  it  seems  to  me  the  path  of  duty  is 
plain.  In  my  opinion,  a  failure,  this  session,  if  there  should  be 
one,  will  not  at  all  diminish  the  chances  of  success,  next  session. 
I  suppose  the  memorial  will  make  its  appearance,  in  the 
Senate,  thro  the  V.P.  My  notion  will  be  to  let  the  adminis 
tration  Gentlemen  take  the  Disposition  of  it,  for  the  pres 
ent,  &  see  what  they  will  do  with  it. 

JOHN  CONNELL  2  TO  BIDDLE 

(Private)  Washington  10  Jany  1832 

My  dear  Sir 

.  .  .  Mr  Adams  3  told  me,  that  if  you  had  not  peti 
tioned,  as  you  did,  that  it  had  been  his  intention  to  have 

1  This  letter  shows  that  Biddle's  view  of  political  theory  was  that  formerly 
advanced  by  Alexander  Hamilton;  while  McLane,  in  the  above  letter,  is  advancing 
the  Jeffersonian  theory.    It  was  largely  owing  to  the  fact  that  the  nation  —  espe 
cially  the  West  —  at  this  time  held  to  the  Jacksonian  theory  of  the  sovereignty  of 
the  people  (a  natural  outgrowth  of  the  Jeffersonian  ideas)  that  Biddle  later  en 
countered  the  hostility  of  the  populace  —  beyond  the  natural  antipathy  of  the 
Westerner  to  banks  and  banking  in  general. 

2  A  director  of  the  Bank  of  the  United  States  in  1838.  Cf.  Report  of  Com 
mittee  of  Investigation,  1841,  p.  64. 

*  Cf.  John  Quincy  Adams  Memoirs  (Philadelphia,  1876),  vol.  vm,  p.  457. 


1 7  o    Correspondence  of  Nicholas  Eiddle 

offered  a  Resolution,  instructing  the  Committee  of  Ways  & 
Means  to  report  a  Bill,  renewing  the  charter  of  the  Bank; 
and  this,  he  probably  would  have  done  the  present  week, 
for  substantial  reasons  which  he  assigned,  founded  altogether 
upon  great  public  considerations.  .  .  . 

BIDDLE  TO  GARDINER  GREENE  1  ESQ. 

(private)  Phil  Jan  i6th  1832 

My  Dear  Sir 

The  Bank  having  after  great  consideration  presented 
a  memorial  for  the  renewal  of  the  charter,  the  citizens  of 
Philad  are  forwarding  petitions  on  the  subject  of  a  similar 
measure  [which]  will  be  transmitted  by  the  State  Banks.  It 
would  be  greatly  desirable  to  have  the  same  thing  done  else 
where.  I  have  written  to-day  to  our  friend  Col.  Perkins  &  I  wish 
you  &  our  other  friends  would  endeavour  to  have  a  strong  & 
general  expression  of  the  sense  of  your  community  so  that  Con 
gress  may  be  apprized  of  the  real  sentiments  of  the  country. 

BIDDLE  TO  HORACE  BiNNEY2 

Phil  Jan  25th  1832 
My  dear  sir 

In  regard  to  the  bonus  for  a  renewal  of  the  Charter  my 
views  are  these  — 

As  the  bonus  is  in  fact  only  another  name  for  a  tax,  and 
like  all  other  taxes  disables  the  Bank  to  the  extent  of  it  from 

1  Alleged  to  be  the  wealthiest  citizen  of  Boston.  Winsor,  Justin   (editor), 
Memorial  History  of  Boston  (Boston,  1883),  vol.  iv,  pp.  29,  30. 

2  A  distinguished  lawyer,  the  son  of  Dr.  Barnabas  Binney,  a  surgeon  in  the 
Revolutionary  War.  Binney  first  became  acquainted  with  Biddle  at  the  meetings 
of  the  Tuesday  Club,  a  literary  society  organized  by  Dennie  in  Philadelphia. 
Binney  and  Webster  were  the  legal  advisers  of  the  Bank.  Cf.  Oberholtzer,  E.  P., 
Philadelphia,  A  History  of  the  City  and  its  People,  vol.  I,  p.  413. 


From  Charles  Jared  Ingersoll    1 7 1 

giving  facilities  to  the  community,  a  Bonus  should  not  be 
pressed  by  Gov4  beyond  a  very  moderate  limit,  particularly 
as  the  Gov*  is  now  very  rich  instead  of  being  needy  as  it  was 
at  the  time  of  granting  the  Charter. 

But  if  the  Bank  must  pay,  I  do  not  think  it  ought  to  pay 
more  than  the  sum  of  $1,500,000:  nevertheless  it  would  not 
be  proper  to  decline  the  charter  because  more  was  asked  &  I 
should  be  disposed  to  go  as  high  as  two  millions  or  if  neces 
sary  three;  between  this  last  limit  &  the  original  sum  of  a 
million  &  a  half  lies  the  debateable  ground.  I  think  you  might 
at  once  agree  to  any  sum  not  exceeding  three  millions.  If 
more  were  required  or  more  were  insisted  upon  during  the 
passage  of  the  Bill  through  the  House  it  would  be  a  subject 
of  further  reference  to  the  Board.  To  the  extent  I  have  men 
tioned,  I  am  sure  there  would  be  no  difficulty. 

CHARLES  JARED  INGERSOLL  *  TO  BIDDLE 

Washington  Feby  2.  1832 
Dear  Sir, 

I  saw  the  President  for  the  first  time  yesterday  — 
introduced  by  Mr  Livingston  who  kindly  volunteered  his 
carriage  and  personal  attendance  for  the  purpose.  Thus  aus 
picated  my  reception  was  extremely  gracious  and  flattering. 
There  was  a  great  deal  of  free  and  general  conversation  of 
which  the  topics  were  the  French  treaty,  the  Mexican  treaty, 
the  tariff,  Mr  Van  Buren's  rejection  and  his  pending  negocia- 
tion,  Mr  Clay,  and  Governor  Hamilton  of  South  Carolina. 
I  feel  satisfied  that  from  the  beginning  by  gradual  and  proper 
advances  I  may  eventually  and  a  propos  bring  about  a  tete- 

1  At  this  time  a  strong  advocate  of  the  Bank.  Later,  however,  Ingersoll  turned 
against  the  institution  when  Biddle  urged  open  war  against  Jackson.  Cf.  Meigs, 
W.  M.,  The  Life  of  Charles  Jared  Ingersoll  (Philadelphia,  1897),  pp.  167-185. 


1 7  2    Correspondence  of  Nicholas  Biddle 

a-tete  communication  on  the  bank,  to  which  end  my  future 
intercourse  in  that  quarter  shall  be  directed.  I  understand 
from  Dickins  with  whom  I  had  some  confidential  chat  and 
shall  repeat  it  frequently  that  General  Jackson's  antipathy 
is  not  to  the  Bank  of  the  United  States  in  particular,  but  to 
all  Banks  whatever.  He  considers  all  the  State  Banks  uncon 
stitutional  and  impolitic  and  thinks  that  there  should  be  no 
Currency  but  coin,  that  the  Constitution  [was  not]  designed 
to  compel  paper  altogether  as  any  part  of  our  monetary  sys 
tem.  This  view  of  his  doctrine  conforms  to  a  report  which  you 
shewed  me  not  long  ago  made  by  him — to  the  Legislature  of 
Tennessee;1  it  coincides  with  some  similar  notions  that  I  have 
long  indulged  myself,  and  at  any  rate  to  be  apprised  of  the 
theory  of  his  sentiments  will  be  useful  to  me  as  it  supplies 
a  platform  on  which  to  approach  him.  If  his  prejudices  are 
honest  they  may  fairly  be  dealt  with.  Louis  Williams  2  of 
North  Carolina  says  that  all  his  opposition  to  the  Bank  of  the 
United  States  was  fomented  if  not  created  by  Van  Buren 
who  calculated  that  he  could  render  his  ascendancy  in  New 
York  subservient  to  the  prejudices  of  Virginia,  and  that 
Pennsylvania  would  acquiesce,  which  three  States  thus  united 
would  give  him  a  broad  basis  for  the  future  Presidency.  .  .  . 

BIDDLE  TO  HORACE  BINNEY 

Phila.  Feby  6th.  1832 
My  dear  Sir 

It  strikes  me  that  the  resolutions  of  our  legislature  will 
place  Mr.  Dallas  in  an  attitude  equally  new,  and  imposing  ; 

1  Jackson  was  the  author  of  the  Tennessee  law  of  1820  creating  a  loan  office. 
Cf.  Bassett,  J.  S.,  Andrew  Jackson,  p.  592;  Sumner,  W.  G.,  Andrew  Jackson,  pp. 
158,  159  (3d  edition). 

3  Representative  from  North  Carolina. 


To  Horace  Binney  173 

offering  an  opportunity  of  distinction,  which  a  young  states 
man  could  scarcely  hope  for  in  his  dreams,  &  which  the  oldest 
statesman  might  pass  a  whole  life  without  encountering.  It 
seems  to  me,  his  position  is  precisely  this  —  He  wishes  to 
be  the  Pennsylvania  candidate  for  the  Vice  Presidency  and 

then 

"Glamis  —  and  thane  of  Cawdor 
"the  greatest  is  believed." 

The  Pennsylvanians  are  disposed  to  assist  him  and  to  exclude 
Mr.  V  Buren.  To  promote  this  Mr.  Dallas  should  identify 
himself  with  all  the  Pennsylvania  interests,  more  especially 
those  interests  to  which  Mr.  Van  Buren  is  supposed  to  be 
hostile.  He  should  therefore  go  immediately  to  the  President 
with  these  resolutions  of  Penn. 1  in  his  hand  —  he  should 
warn  him  against  irritating  our  State,  especially  as  the  of 
fence  to  her  is  wholly  gratuitous.  He  should  say  to  him  you 
are  not  opposed  to  this  bank  essentially;  you  mean  to  agree 
to  it  with  certain  modifications.  Now  let  me  mediate  between 
you  and  the  Bank;  let  us  agree  on  the  modifications;  the  Bank 
will  consent  to  them,  and  I  will  report  them,  the  rechartering 
of  the  Bank  will  thus  become  a  measure  of  yours  —  you  will 
gratify  Penna.  —  you  will  take  from  your  adversaries  their 
most  formidable  weapon,  and  secure  the  ascendancy  of  your 
friends.  If  the  President  will  do  this  his  success  is  certain,  if 
Mr.  Dajlas  will  do  this,  besides  sustaining  his  father's  workA 
&  conferring  a  great  blessing  on  the  Country,  he  will  assure/ 
to  himself  distinguished  consideration  through  the  nation. 

1  These  resolutions  carried  under  the  able  leadership  of  Ingersoll,  who  de 
clared  "that  the  constitution  of  the  United  States  authorizes  and  near  half  a  cen 
tury's  experience  sanctions,  a  Bank  of  the  United  States  as  necessary  and  proper 
to  regulate  the  value  of  money  and  prevent  paper  currency  of  unequal  and  de 
preciated  value." 


1 74     Correspondence  of  Nicholas  Bid  die 

I  do  not  know  how  he  is  disposed  for  such  an  enterprize,  but 
he  ought  to  give  ten  years  of  his  life  for  this  chance  of  attain 
ing  it.  Tell  him  so,  and  if  in  half  an  hour  afterwards  he  is  not 
on  his  way  to  the  Presidents, — why  then — the  stars  have 
conjoined  for  him  in  vain. 

BIDDLE  TO  CHARLES  JARED  INGERSOLL 

Philada.  Febr.  6.  1832 
My  dear  Sir 

It  occurs  to  me  that  the  present  is  a  crisis  for  Gen1. 
Jackson,  &  for  the  Bank.  The  Penna  delegation,  and  emi 
nently  Mr  Dallas,  now  have  an  opportunity  of  doing  great 
good;  and  of  acquiring  great  distinction.  Let  them  go  for 
ward,  and  mediate  between  the  President  and  the  Bank, 
—  make  him  name  his  modifications;  make  the  Bank  agree 
to  them,  make  the  re-charter  an  administration  measure. 
You  see  at  a  glance  all  this.  Do  put  them  up  to  it;  make 
Mr.  Livingston  and  Mr.  McLane  stir  in  it.  It  is  a  real  coup 
d'etat.  Try  if  you  cannot  bring  it  about,  without  loss  of 
time. 

CHARLES  JARED  INGERSOLL  TO  BIDDLE 

Washington.  Thursday  evening 

9  February  1832 
Dear  Sir, 

An  article  signed  Tulpe  Hocken  destined  to  appear  in 
the  Sentinel,  and  another  signed  incognito  sent  to  the  En 
quirer  of  Philadelphia,  each  adapted  to  the  various  tastes  of 
the  readers  of  those  different  papers,  the  first  designed  to  cor 
roborate  the  spirit  of  Pennsylvania,  the  second  to  inculcate  a 
beleif  that  the  President  has  no  constitutional  objections  to 


From  Charles  Jared  Ingersoll    175 

the  Bank,  but  that  the  Vice  President  and  his  adherents  are 
opposed  to  it,  will  serve  to  shew  you  that  I  have  been  paving 
the  way  for  just  such  a  coup  d'etat  as  your  letter  of  the  6th 
received  to  day  suggests  and  after  [having]  well  digested 
my  project  I  went  to  the  Department  of  State  yesterday  to 
break  ground :  But  Mr  Livingston  was  with  the  President  and 
I  was  obliged  to  defer  the  overture  till  to  day,  which  I  am  not 
sorry  for,  as  your  letter  come  to  hand  in  the  mean  time  has 
confirmed  my  views  and  shaped  them  with  precision.  I  now 
proceed  with  much  satisfaction  to  report  to  you  substantially 
what  took  place.  When  I  saw  Mr  Livingston,  as  I  did  this 
morning  soon  after  the  receipt  of  your  letter,  I  told  him  that 
I  wished  to  speak  freely  with  him  respecting  an  important 
measure  which  he  had  often  mentioned  with  great  apparent 
freedom  to  me,  assuring  him  that  he  might  rely  implicitly  on 
my  confidence  and  my  disposition  to  render  a  service  to  Gen 
eral  Jackson's  administration  consistent  with  what  I  deemed 
the  welfare  of  the  country:  I  then  explained  to  him  the  state 
of  parties  in  Pennsylvania,  that  the  confidence  of  the  people 
in  General  Jackson  is  undiminished  as  is  well  known  to  the 
adherents  of  Governor  Wolf,  but  that  they  have  the  whole 
party  organization  of  the  State  in  their  hands,  and  while  they 
dare  not  openly  oppose  General  Jackson's  re-election,  yet 
that  many  if  not  most  of  them  are  inclined  to  be  in  op 
position  to  him.  I  repeated  all  the  circumstances  of  the 
publication  by  the  Philadelphia  members  of  the  Legislature 
last  spring  in  answer  to  the  charge  of  bribery  *  which  was 

1  C.  J.  Ingersoll  early  in  1831  introduced  certain  resolutions,  with  the  knowl 
edge  and  consent  of  Biddle,  in  favor  of  the  Bank.  These  resolutions  were  passed 
by  a  decisive  majority,  having  at  one  stage  met  with  serious  repulse,  and  after 
having  had  a  clause  added  in  favor  of  distribution  of  the  surplus  revenue  among 
the  States,  which  Ingersoll  voted  against.  Soon  after  the  New  Hampshire  Patriot 


1 7  6    Correspondence  of  Nicholas  Bid  die 

intended  to  strike  at  the  President,  and  would  have  done  so 
much  more  forcibly  than  it  did,  but  for  the  mitigation  of  some 
of  whom  I  was  one,  and  I  added  that  the  resent  attempt  to 
get  up  a  Van  Buren  party  in  Pennsylvania  had  been  a  com 
plete  failure.  I  then  mentioned  the  recent  almost  unanimous 
resolutions  of  the  present  Legislature  sustaining  those  of  the 
last  in  favor  of  the  bank  of  the  U  S  and  said  that  he  might  de 
pend  upon  it,  therefore,  that  collision  between  the  State  and 
the  President  would  be  a  dangerous  &  unfortunate  occurrence 
for  the  latter  for  which  surely  said  I  there  is  not  the  least 
occasion,  for  why  should  he  risk  any  portion  of  his  popularity 
against  an  object  entirely  disconnected  with  politics,  and  so 
purely  fiscal  that  if  the  Secretary  of  the  Treasury  were  to  tell 
the  President  that  he  found  a  frying  pan  the  most  convenient 
means  of  managing  the  finances,  I  should  suppose  the  Presi 
dent  would  agree  to  it,  especially  as  I  understood  he  has  no 
constitutional  scruples.  After  more  of  these  preliminaries  than 
I  can  altogether  repeat,  I  asked  Mr  Livingston  if  under  these 
circumstances  it  would  not  be  the  simplest  resolution  of  all 
the  supposed  difficulties  to  take  the  Bank  out  of  the  hands  of 
Mr  McDuffie  and  the  opposition,  modifying  its  charter  so  as 
to  suit  it  to  the  President's  opinion  and  passing  it  as  a  meas 
ure  of  the  Administration,  Mr  McLane  taking  the  place  which 
Mr  Dallas  occupied  and  General  Jackson  the  example  of  Mr 
Madison  in  [']  15-16  when  the  Bank  was  created.  I  further 
more  offered  to  see  Mr  Dallas,  expressing  my  confidence  that 
he  would  cordially  cooperate  in  such  a  movement.  Finally,  I 

charged  and  the  Washington  Globe  reprinted  the  charge  of  bribery.  To  this  Inger- 
soll  and  other  members  of  the  legislature  from  Philadelphia  and  its  vicinity  has 
tened  to  publish  an  indignant  denial.  This  was  dated  May  18,  1831,  and  first  ap 
peared  in  the  American  Sentinel  of  Philadelphia  and  was  widely  copied.  Meigs, 
Ingersoll,  pp.  167-185. 


From  Charles  Jared  Ingersoll    177 

told  Mr  Livingston  all  that  General  Smith  had  told  me  as 
to  the  wish  of  the  President's  immediate  advisors,  that  the 
Bank  question  should  be  put  by  this  Session.  Mr  Livingston 
recd.  my  communication  with  the  utmost  apparent  cordiality, 
acknowledged  the  force  of  the  argument  and  said  the  pro 
posed  mode  of  proceeding  was  exactly  that  one  which  he 
thought  ought  to  be  pursued.  I  then  inquired  if  the  Presi 
dent  would  oppose  the  Bank  on  the  ground  of  its  unconsti 
tutionally;  he  answered  that  he  would  not,  but  that  he  had 
certain  notions  of  his  own  as  to  the  frame  of  the  charter  which 
ought  to  be  complied  with.  Let  his  friends  frame  it  as  they 
will,  said  I,  provided  their  alterations  are  not  destructive  of 
the  Institution.  What  are  they?'  First  that  it  should  hold 
no  real  estate  but  what  is  indespensably  necessary.  Granted, 
there  is  no  harm  in  that.  Secondly,  that  the  State  should  not 
be  prevented  taxing  it.  Thirdly,  some  addition  to  the  Capi 
tal  so  as  to  let  in  new  subscribers,  and  Lastly  there  is  another 
provision,  which  he  could  not  call  to  mind;  very  well,  said 
I,  I  have  no  authority  to  remould  the  charter.  I  interpose  only 
as  the  friend  of  Mr  Biddle  of  the  Bank,  and  the  Administra 
tion,  but  I  have  no  doubt  that  any  reasonable  modifications 
will  be  acquiesced  in,  only  take  the  subject  out  of  the  hands  of 
the  President's  opponents  and  let  it  be  brought  before  Con 
gress  in  such  a  shape  that  his  friends  may  support  it,  and  I 
offered  to  call  upon  Mr  Dallas  forthwith.  Mr  Livingston  de 
sired  me  to  defer  doing  so  for  a  few  days  promising  in  the 
mean  while  to  have  a  full  understanding  with  the  President 
—  he  said  he  knew  there  were  some  who  wanted  him  to  veto 
it,  and  that  he  does  not  know  what  are  the  present  sentiments 
of  the  Secretary  of  the  Treasury  whose  official  situation  puts 
it  out  of  his  power  to  be  passive  or  neutral  as  General  Smith 


1 7  8    Correspondence  of  Nicholas  Eiddle 

had  said  he  designed  to  be.  For  himself  Mr  Livingston  ac 
knowledged  that  the  President's  various  messages  invited 
the  immediate  action  of  Congress  upon  the  subject.  I  told 
him  that  as  I  had  no  object  in  view  but  the  public  good  which 
I  considered  identified  with  the  re-charter,  I  had  no  objec 
tion  whatever  to  wait  on  the  Secretary  of  the  Treasury,  or  the 
President  and  speak  to  them  in  the  same  tone  of  candour  and 
earnestness  that  I  had  used  in  communicating  with  him. 
Mr  Livingston  replied  that  the  President  would  hear  me  with 
perfect  attention  &  thankfulness  and  we  agreed  that  at  a 
proper  time  I  should  call  upon  him.  In  the  mean  while  Mr 
Livingston  will  take  the  earliest  opportunity  of  a  full  explana 
tion  with  him,  which  he  probably  could  not  accomplish  today 
because  there  is  a  large  diplomatic  dinner  at  the  President's 
but  he  will  try  tomorrow.  .  .  . 

BIDDLE  TO  GEORGE  McDurriE 

PhilacK  Feby.  10.  1832 
My  dear  Sir 

...  I  cannot  doubt,  whatever  may  be  the  result,  that 
we  have  done  well  in  applying  at  the  present  session.  When 
we  were  first  warned  against  it  lest  it  should  affect  the  inter 
ests  of  one  of  the  candidates  for  the  Presidency,  such  a  course 
seemed  so  entirely  foreign  to  the  duties  of  the  Bank  that 
we  could  not  acquiesce  in  it  for  a  moment.  At  a  later  period 
when  we  were  counselled  to  abandon  it,  lest  the  influence 
of  that  candidate  should  crush  the  institution;  that  course 
seemed  equally  inadmissable,  and  we  determined,  that  hav 
ing  begun,  we  would  go  through  at  all  hazards;  and  that 
it  was  better  even  to  be  defeated  in  a  fair  field  than  to  re 
treat.  Into  that  field  you  have  now  probably  led  us;  and  on 


To  Charles  Jared  Ingersoll     179 

you  much  of  the  fate  of  the  institution  will  depend.  I  have 
often  heard  the  contemporaries  of  Mr  Calhoun,  in  the  Con 
gress  of  1816,  speak  with  admiration  of  the  talent,  and  tact, 
the  gentleness  and  the  firmness  with  which  he  carried  the 
present  Charter  through  the  H  of  Reps,  and  we  rely  that 
the  union  of  the  same  qualities  will  enable  you  to  be  equally 
successful  now.  .  .  . 

BIDDLE  TO  CHARLES  JARED  INGERSOLL 

Phila.  Feby.  II.  1832 


My  dear  Sir, 

.  .  .  Here  am  I,  who  have  taken  a  fancy  to  this  Bank  \ 
&  having  built  it  up  with  infinite  care  am  striving  to  keep  it  I 
from  being  destroyed  to  the  infinite  wrong  as  I  most  sin-    \ 
cerely  &  conscientiously  believe  of  the  whole  country.  To  me  ^) 
all  other  considerations  are  insignificant  —  I  mean  to  stand  by 
it  &  defend  it  with  all  the  small  faculties  which  Providence 
has  assigned  to  me.  I  care  for  no  party  in  politics  or  religion 
—  have  no  sympathy  with  Mr  Jackson  or  Mr  Clay  or  Mr 
Wirt  l  or  Mr  Calhoun  or  Mr  Ellmaker  2  or  Mr  Van  Buren. 
I  am  for  the  Bank  &  the  Bank  alone.  Well  then,  here  comes 
Mr  Jackson  who  takes  it  into  his  head  to  declare  that  the  Bank 
had  failed  &  that  it  ought  to  be  superceded  by  some  ricketty 
machinery  of  his  own  contrivance.  Mr  Jackson  being  the 
President  of  the  U.S.  whose  situation  might  make  his  igno 
rance  mischeivous,  we  set  to  work  to  disenchant  the  countryX 
of  their  foolery  &  we  have  so  well  succeeded  that  I  will  ven 
ture  to  say  that  there  is  no  man,  no  woman,  &  no  child  in 


1  William  Wirt  of  Maryland,  Attorney-General  under  Monroe  and  presi 
dential  candidate  on  the  Anti-Masonic  ticket  of  1832. 

2  Amos  Ellmaker,  Vice-Presidential  candidate  on  the  Anti-Masonic  ticket  of 
1832. 


180    Correspondence  of  Nicholas  Biddle 

U.S.  who  does  not  understand  that  the  worthy  President  was 
in  a  great  error.  .  .  -1 

It  remains  to  see  how  its  evil  consequences  may  be  averted. 
It  seems  to  me  there  is  no  one  course  by  which  his  friends  may 
extricate  him  not  merely  safely  but  triumphantly.  He  has 
made  the  Bank  a  Power.  He  has  made  the  Bank  a  deciding 
question  as  to  his  own  selection.  Now  let  him  turn  this  power 
to  his  own  advantage.  As  yet  the  Bank  is  entirely  uncom 
mitted  —  the  Bank  is  neither  for  him  nor  against  him.  In 
this  state  let  his  friends  come  forward  boldly,  &  taking  the 
Bank  out  of  the  hands  of  their  enemies,  conciliate  back  the 
honest  friends  whom  their  rashness  has  alienated,  and  who 
think  that  the  only  difficulty  which  he  has  yet  to  overcome 
is  the  dread  of  their  internal  convulsion  to  which  the  pros 
tration  of  the  Bank  will  lead.  The  most  extraordinary  part 
of  the  whole  matter  is  that  the  President  &  the  Bank  do  not 
disagree  in  the  least  about  the  modifications  he  desires.  He 
wishes  some  changes  —  The  Bank  agrees  to  them  —  and  yet 
from  some  punctilio  which  is  positively  purile  his  rash  friends 
wish  him  to  postpone  it.  Do  they  not  perceive  that  his  ene 
mies  are  most  anxious  to  place  him  in  opposition  to  the  Bank  ? 
And  should  not  every  motive  of  prudence  induce  him  to  dis 
appoint  their  calculations  ?  The  true  &  obvious  theory  seems 
to  me  to  disarm  the  antagonists  of  their  strongest  weapon  — 
to  assume  credit  for  settling  this  question  for  the  adminis 
tration.  If  the  present  measure  fails,  it  carries  bitterness  into 
the  ranks  of  the  best  part  of  the  opposition.  If  it  succeeds 
without  the  administration  it  displays  their  weakness.  If  the 
bill  passes  &  the  President  negatives  it,  I  will  not  say  that  it 

1  This  paragraph  is  crossed  out  in  the  original.  It  might  be  noted  that  this 
part  of  the  letter  is  stronger  in  its  tone  than  the  remainder. 


"To  Charles  Jared  Ingersoll     1 8 1 

will  destroy  him  —  but  I  certainly  think  it  will  &  moreover 
I  think  it  ought  to.  I  can  imagine  no  question  which  seems 
more  exclusively  for  the  representatives  of  the  people  than 
the  manner  in  which  they  choose  to  keep  &  to  manage  the 
money  of  the  people. 

...  I  suppose  the  President  has  been  made  to  believe  that 
the  Bank  is  busy  in  hostility  to  him  —  you  know  how  wholly 
unfounded  this  is.  For  myself  I  do  not  care  a  straw  for  him 
or  his  rivals  —  I  covet  neither  his  man  servant  —  nor  even 
his  maid  servant,  his  ox  nor  any  of  his  asses.  Long  may  he  live 
to  enjoy  all  possible  blessings,  but  if  he  means  to  wage  war 
upon  the  Bank  —  if  he  pursues  us  till  we  turn  &  stand  at 
bay,  why  then  —  he  may  perhaps  awaken  a  spirit  which  has 
hitherto  been  checked  &  reined  in — and  which  it  is  wisest--^ 
not  to  force  into  offensive  defence. 

Ponder  over  these  things  —  and  believe  me 

BIDDLE  TO  CHARLES  JARED  INGERSOLL,  ESQR. 

Phila.  Fe^.  13.  1832. 
My  dear  Sir 

.  .  .  Here  is  the  Bank  which  most  assuredly  has  been 
in  its  proper  sphere,  perfectly  true,  and  faithful,  to  the  ad 
ministration;  and  which  has  never  suffered  itself,  even  while 
it  believed  itself  very  unkindly  treated,  to  be  betrayed  into 
the  slightest  departure  from  its  duty  to  the  Gov*.  All  the 
members  of  the  Gov*.  can  bear  witness  to  this.  The  President 
himself  has  no  hostile  feeling  towards  the  Bank,  he  is  dis 
posed  to  agree  to  its  renewal  with  certain  modifications,  and 
the  Bank  is  disposed  to  accept  these  modifications.  And  yet 
with  no  real  difference  between  them,  they  are  now  playing 
into  the  hands  of  his  enemies,  who  desire  nothing  better  than 


1 8  2     Correspondence  of  Nicholas  Bid  die 

to  see  us  at  variance.  This  certainly  cannot  be  right.  Is  it  not 
wiser  for  the  Presidents  friends  to  disarm  at  once  his  antag 
onists,  of  their  strongest  weapon,  to  settle  the  question  at 
once;  and  thus  unite  all  the  Presi  friends  before  the  next 
election?  This  seems  so  clear,  and  obvious,  that  I  am  aston 
ished  that  his  friends  do  not  immediately  take  the  matter  into 
their  own  hands,  and  settle  it  their  own  way. 

Now  what  should  prevent  this  reconciliation  ?  If  the  Presi 
dent  is  restrained  from  making  any  advances,  I  have  no  such 
>feeling,  &  I  will  make  them  myself.  You  know  that  I  care 
/  nothing  about  the  election.  I  care  only  for  the  interests  con- 
/  fided  to  my  care,  and  so  far  from  having  the  least  ill  will 
toward  the  President,  so  far  from  wishing  to  embarrass  his 
administration,  I  will  do  every  thing  consistent  with  my 
duty,  to  relieve  it  from  trouble,  and  will  go  nine  tenths  of 
the  way  to  meet  him  in  conciliation.  This  is  very  easy.  The 
whole  can  be  settled  in  five  minutes. 

For  instance,  the  President  wishes  some  modifications  in 
the  charter.  Well,  let  him  take  the  charter  and  make  any 
changes  he  likes,  let  him  write  the  whole  charter  with  his 
own  hands,  I  am  sure  that  we  would  agree  to  his  modi 
fications;  and  then  let  him  and  his  friends  pass  it.  It  will 
then  be  his  work.  He  will  then  disarm  his  adversaries,  he 
will  gratify  his  friends,  and  remove  one  of  the  most  un 
comfortable  and  vexatious  public  questions  that  can  be 
stirred. 

Now  why  could  not  this  be?  The  moment  is  propitious  and 
if  done  soon  it  will  be  done  triumphantly.  Do  think  of  all 
these  things,  &  if  as  a  friend  of  the  President,  as  well  as  of  the 
Bank,  you  can  accomplish  this  work  of  peaceful  mediation, 
you  will  relieve  both  parties  from  an  apparent  misunder- 


From  Charles  Jared  Ingersoll    183 

standing,  you  will  confer  a  real  benefit  upon  the  country  & 
especially  gratify, 
Yours  with  great  regard 

CHARLES  JARED  INGERSOLL  TO  BIDDLE 

Washington  21  Feb  32 
Dear  Sir 

Thus  stands  the  cabinet  —  The  Secretary  of  State 
with  us  with  all  his  heart  &  all  his  head,  anxious  to  be  the 
author  of  the  President's  conversion,  who,  he  says,  ought  to 
be  fixed  if  any  thing  can  fix  him  by  Tibbit's  Scheme.  Mr.  L. 
is  confident  of  succeeding,  but  has  done  nothing  since  my 
last,  not  having  had  an  opportunity  of  bringing  the  subject 
before  all  the  members  of  the  cabinet  together,  not,  in  the 
first  instance,  in  form,  nor  till  after  he  has  secured  a  major 
ity  of  them  —  he  says  he  is  constantly  and  hard  at  work  for 
us;  but  the  bad  weather  and  other  interruptions  have  put 
him  back,  but  he  promises  every  thing  The  Secretary  of  the 
Treasury  1  with  us,  but  so  variable  in  his  moods,  so  much 
cooler  at  times  than  at  others  that  Mr.  L.  says  he  is  at  a  loss 
what  to  think  of  him,  after  said  Mr.  L.  —  all  the  pains  I  have 
taken  with  him. 

The  Secretary  of  War 2  with  us  entirely 

The  Secretary  of  the  Navy 3  with  us 

The  Atty  Gen1 4  against  us  —  but  Mr.  L.  hopes  to  con 
vert  him  —  I  found  him  just  now  closetted  with  Kendall,  of 
whom  and  Lewis  I  do  not  despair.  My  good  understanding 
with  the  Editor  of  the  Globe  is  well  settled.  The  Bank  has 
not  a  warmer  or  more  active  friend  than  Judge  Wilkins. 

1  Louis  McLane  of  Delaware.  *  Lewis  Cass  of  Ohio. 

1  Levi  Woodbury  of  New  Hampshire.  4  Roger  B.  Taney  of  Maryland. 


1 84     Correspondence  of  Nicholas  Biddle 

Mr.  Livingston  agrees  with  me  as  to  the  mollesse  of  his  col 
league.  I  expect  to  see  you  this  week.  In  haste 

The  scheme  of  some  of  them,  said  Mr.  L.  is  a  bank  of  the 
US  in  each  State,  but  that  I  consider  impossible. 

The  more  schemes  and  places  the  better. 

CHARLES  JARED  INGERSOLL  TO  BIDDLE 

Washington  23  Febry  1832 
Dear  Sir 

...  It  is  my  fortune  to  have  other  subjects  of  confi 
dential  liaison  with  Mr.  L.  which  operate  favorably  as  induce 
ment  to  similar  understanding  respecting  the  bank.  After 
arranging  those  subjects  yesterday  at  his  house  where  I  saw 
him,  when  I  was  about  leaving  his  study  without  mentioning 
the  bank  —  for  he  had  told  me  the  day  before  that  it  would 
require  some  days,  and  I  am  very  cautious  not  to  torment 
him  with  it  —  he  himself  introduced  it  by  saying,  I  suppose 
you  '11  see  Biddle  at  Philadelphia  and  let  him  know  how  mat 
ters  are  as  to  the  bank.  No  doubt,  said  I.  Well  then,  contin 
ued  he,  I  wish  you  would  ascertain  from  him  whether  the 
bank  will  agree  to  the  President's  views  of  the  terms  for  a 
new  charter,  and  he  proceeded  to  recapitulate  them.  As  my 
memory  might  fail  me  in  some  particulars,  said  I,  suppose  I 
make  a  written  note  of  them.  Very  well,  he  rejoined  —  and 
accordingly  I  sat  down  at  his  desk,  made  the  enclosed  min 
ute,  with  his  assistance,  read  it  to  him  when  done  —  and  we 
parted  on  the  footing  of  his  unreserved  declaration  of  his 
desire  that  I  would  submit  them  for  your  approbation  or 
otherwise,  as  may  be.  Tho'  I  send  the  original  protocol  —  as 
it  may  be  called,  which  I  have  dated  and  signed  that  you  may 
keep  it  in  Rei  Vei  testimonium  —  yet  I  proceed  to  rewrite 


70  Charles  Jared  Ingersoll     i  8  5 

the  items,  as  the  memorandum  made  yesterday  is  not  per 
fectly  plain  from  the  hurry  of  writing  it. 

1.  Government  to  have  no  interest  in  the  bank. 

2.  President  of  the  U  S  empowered  to  appoint  a  Director  at 
each  branch  so  that  government  may  be  represented  at  each. 

3.  States  authorized  to  tax  the  property  both  real  &  per 
sonal  of  the  bank  within  the  said  States  in  like  manner  as 
the  States  may  tax  other  property  within  them. 

4.  The  bank  to  hold  no  real  Estate  but  such  as  it  may  be 
constrained  to  take  in  payment  or  security  of  its  debts,  and 
to  be  compelled  by  law  to  sell  that  within  stated  time. 

The  foregoing  I  understand  from  Mr.  L.  are  the  President's 
terms. 

5.  A  certain  proportion  of  the  stock  or  capital  to  be  thrown 
open  to  new  subscriptions,  which  may  be  done  by  prorata  re 
duction  of  the  present  capital,  or  by  addition  to  it. 

This  —  5  —  is  not  the  President's  requirement:  but  Mr. 
Mr.  L.  seems  to  be  very  tenacious  of  it,  always  urging  that  it 
will  facilitate  very  much  the  recharter. 

6.  The  Directors  to  nominate  annually  two  or  three  per 
sons  of  whom  the  President  to  appoint  any  one  as  President 
of  the  bank. 

This  —  6  —  neither  the  President  nor  Mr.  L.  like.  It  is 
the  suggestion  of  others  —  he  said.  .  .  . 

BIDDLE  TO  CHARLES  JARED  INGERSOLL 

Phila.  Feby.  25th  1832. 
My  dear  Sir 

You  are  the  Coryphaeus  of  Ambassadors.  Talk  not 
to   me  of  Talleyrand  or  Luchhesini,1  or  even   the  great 

1  A  distinguished   diplomat  of  Frederick   the   Great.   "His  commanding 


1 8  6    Correspondence  of  Nicholas  Biddle 

magician  of  New  York.  Your  letter  of  the  23d.  inst  has  given 
me  great  pleasure  &  I  have  answered  it  in  a  tone  which  I 
think  will  smooth  all  difficulties.  If  it  pleases,  the  next  thing 
is  to  obtain  some  overt  act,  some  decisive  committal  —  for 
the  extreme  mobility  of  the  principal  person  in  our  drama, 
makes  me  anxious  to  see  him  fixed  —  irretrievably  com 
mitted.  What  is  specially  to  be  desired  is,  that  he  should  with 
his  friends,  announce  decidedly  a  suspension  of  hostilities,  & 
then  a  firm  &  durable  peace.  This  will  give  an  impulse  to 
their  friends  in  Congress  who  may  thus  unite  in  promoting 
the  object.  Here  again  I  rely  on  your  judgment  &  skill  so  con 
spicuously  displayed  hitherto. 

While  I  am  writing  your  son  has  called  &  shown  me  your 
letter  to  him,  of  which  due  notice  has  been  taken.  .  .  . 

BIDDLE  TO  CHARLES  JARED  INGERSOLL,  ESQ. 

Philad3.  26th  Feby.  1832. 
My  dear  Sir 

I  yesterday  wrote  a  hasty  letter  explaining  my  views 
in  regard  to  the  modifications  suggested  of  the  Charter  of  the 
Bank.  In  addition  to  what  was  then  said  of  the  disposition 
of  the  Bank,  to  acquiesce  in  any  modification  which  may 
protect  the  rights  of  the  States  from  any  encroachment 
by  the  Bank  I  will  now  add  that  if  the  President  wishes  to 
stipulate  that  no  new  Branch  shall  be  established  without 

demeanour  and  vivacity  of  speech,  added  to  great  powers  of  work,  and  acuteness 
in  detecting  the  foibles  of  others,  made  him  a  formidable  opponent.  Further,  his 
marriage  with  the  sister  of  Bischoffswerder,  until  lately  the  King's  favourite  ad 
viser,  added  to  his  influence,  which,  as  was  natural  with  a  foreigner,  inclined 
toward  the  attractive  and  gainful  course.  Long  afterwards  the  saviour  of  Prussia, 
Baron  von  Stein,  classed  him  among  the  narrow,  selfish,  insincere  men  who  had 
been  the  ruin  of  nations."  Cf.  Rose,  J.  H.,  William  Pitt  and  the  Great  War  (Lon 
don,  1912),  p.  203;  also  cf.  Seeley,  Stein,  vol.  I,  p.  65. 


From  Charles  Jared  Ingersoll    1 8  7 

the  assent  of  the  State  in  which  it  is  proposed  to  locate  it, 
I  think  there  would  be  no  objection  to  it  on  the  part  of  the 
Bank 

In  truth  I  believe  there  is  no  change  desired  by  the  Presi 
dent  which  would  not  be  immediately  assented  to  by  the 
Bank.  And  this  it  is  which  gives  me  so  much  regret,  to  find 
the  President  &  the  Bank  apparently  estranged  while  there 
is  really  no  difference  between  them,  and  to  see  the  Presidents 
friends  lose  the  present  opportunity  of  settling  the  question 
so  well,  &  so  advantageously  for  him. 

CHARLES  JARED  INGERSOLL  TO  BIDDLE 

Washington  I  Mch  32 
Dear  Sir 

...  In  handling  your  letter  to  Mr  Livingston  yester 
day  I  made  good  use  of  the  crisis  which  the  annoying  resolu 
tion  occasions.  He  assures  me,  and  you  may  rely,  that  the 
President  has  nothing  to  do  with  it,  nor  with  Root's  resolu 
tions.1  Not  at  all,  said  Mr.  L.  He  wishes  to  end  the  business 
this  Session.  If  such  a  bill  goes  to  him  as  he  can  sign  he  will 
sign  it  without  hesitation.  If  not,  he  will  be  equally  prompt 
to  reject  it.  Thus  we  have  the  mind  of  the  President  without 
doubt,  if  Mr.  L's  word  is  to  be  taken,  of  which  I  have  not  a 
particle  of  misgiving  and  I  feel  confident  that  his  is  the  pre 
dominating  influence.  When  I  told  him  so,  he  said  certainly 
the  President  knows  that  he  seeks  nothing,  not  even  to  be 
where  he  is,  and  can  have  no  motive  but  the  honor  of  the 
admin —  .  .  . 

1  Introduced  in  the  House  of  Representatives  as  an  amendment  to  Clayton's 
resolution.  Rejected  in  the  House  March  8,  1832,  by  a  vote  of  88  ayes  to  92  nays. 
Cong.  Debates,  vol.  vm,  pt.  II,  pp.  1888,  2087. 


1 8  8     Correspondence  of  Nicholas  Biddk 

CHARLES  JARED  INGERSOLL  TO  BIDDLE 

Washington  6  Mch  32 
Dear  Sir 

...  I  think  I  have  gathered  a  motive  for  Mr.  McDuf- 
fie's  1  almost  unaccountable  capitulation:  if  so  there  was 
more  method  than  madness  in  it.  The  Speaker  informs  me 
that  MCD  told  him  that  he  did  not  mean  nor  wish  to  let  the 
bank  be  discussed  before  the  Tariff.  Hence  his  yielding  to  an 
inquiry  which  will  just  occupy  in  his  reckoning  the  few  weeks 
to  elapse  before  the  Tariff  becomes  the  topic.  This  being  so, 
or  at  any  rate,  I  have  another  plan  to  counteract  him:  that 
is,  soon  after  the  bank  has  invited  investigation,  as  I  expect 
it  to  do  tomorrow,  and  a  committee  is  appointed  accordingly, 
to  get  the  subject  taken  up  in  Senate  and  a  bill  sent  to  the 
h  of  R  if  possible  before  the  Tariff  is  before  them.  I  had  an 
interesting  conversation  yesterday  with  Mr.  Livingston  on 
this  subject.  What  do  you  think  of  a  plan,  said  I,  by  which 
Pennsylvania  shall  yield  something  of  the  tariff  to  the  well 
disposed  and  moderate  of  Virginia  and  the  Carolinas  in  equiv 
alent  for  their  uniting  with  her  in  support  of  such  a  modi 
fied  bank  as  the  President  approves  and  thus  firmly  securing 
tariff  bank  and  union  altogether?  I  like  it  very  much  said  he. 
But  can  you  accomplish  it  since  McDuifie  has  given  way  to 
the  enquiry  ?  I  do  not  consider  that,  said  I,  indespensible.  There 
is  a  very  strong  spirit  in  Pennsylvania  for  the  bank,  I  mean 
in  the  delegation,  and  they  do  not  intend  to  let  Mr.  McDuffie 
surrender  their  desire  for  his  views.  I  am  sensible,  said  he, 

1  Refers  to  McDuffie  allowing  the  Clayton  Resolution  of  investigation  to 
pass.  Ingersoll  and  the  other  Biddle  constituents  were  thoroughly  aroused  by  Mc 
Duffie 's  capitulation.  Adams  declared  he  was  "either  a  coward  or  a  traitor";  while 
Ingersoll  "thought  it  was  want  of  nerve  and  coolness." 


From  Charles  yared  Inge r soil    1 8  9 

that  your  delegation  is  very  much  bent  on  the  bank.  .  .  . 
What  do  you  think,  said  I,  of  my  prevailing  on  Mr.  Madison  to 
appear  before  the  public  recommending  such  a  compromise  ? 
I  believe  I  cd  get  him  to  do  it.  Very  well,  said  he:  or,  I  con 
tinued,  shall  it  begin  at  some  primary  assembly  in  Penn 
sylvania  ?  The  difficulty  now,  after  all  I  have  understood  from 
you,  is  not  with  the  Executive,  but  with  Congress.  Yes,  said 
he,  this  unlucky  resolution  of  inquiry;  but  for  that  I  think 
there  would  be  no  difficulty.  The  President  would  sign  such 
a  bill  as  you  and  I  have  arranged.  I  have  never  heard  him 
say  so.  But  I  have  good  reason  to  rely  on  it.  (I  think  those 
were  his  very  words.) 

Thus,  you  perceive,  that  McDuffie  and  Clayton  agreeing 
in  opposition  to  the  Tariff,  and  that  the  Tariff  is  the  first 
consideration,  have,  no  doubt  without  concert,  contrived 
between  the  resolution  of  the  one  and  the  concession  of  the 
other  to  postpone  the  bank  lest  it  should  by  its  combinations 
of  votes  interfere  with  their  primary  object  and  this  sus 
pends  all  the  inclining  of  the  President  to  give  way  to  what 
he  is  I  am  persuaded  more  alarmingly  satisfied  is  the  set 
tled  determination  of  that  State  without  whose  hearty  good 
will  his  stan  dets.1  Such  is  the  state  of  things  we  have  to 
deal  with.  If  a  Pennsylvanian  capable  of  taking  the  lead 
would  now  do  so  on  the  footing  of  accommodating  the  Presi 
dent  and  the  South  by  some  modification  (which  can  be  well 
afforded)  of  the  Tariff  in  return  for  most  of  them  (for  I  do  not 
expect  all)  yielding  their  objections  to  a  modified  bank,  it 
would  be  that  Pennsylvanians  certain  road  to  honor,  influ 
ence  and  office.  I  mean  to  sound  Wilkins  about  it  this  very 
day.  I  shall  probably  meet  him  at  the  Atty  Genl'3  dinner  or 

1  Illegible  in  the  original. 


190    Correspondence  of  Nicholas  Biddle 

at  Serverius  ball,  and  I  will  make  it  a  point  to  set  the  induce 
ment  before  him.  If,  as  I  presume,  Dallas  was  yesterday 
nominated  at  Harrisburg,  it  leaves  W.  no  better  if  other 
chance  of  promotion.  He  has  already  intimated  in  the  Senate 
his  desire  to  compromise  the  Tariff  and  I  know  from  Mr. 
Livingstons  frequent  urgency  to  me  that  such  a  movement 
would  win  Jackson's  heart.  .  .  . 

BIDDLE  TO  JOHN  G.  WATMOUGH  1 

Phila.  May  n.  1832 

10.  o'clock 
My  dear  Sir 

...  On  the  subject  of  printing  &  printers  I  have  no 
difficulty  &  no  reserve  as  you  may  have  seen  in  the  course 
of  the  enquiry.  The  press  is  the  channel  of  communication 
between  the  Bank  &  the  Country,  and  I  have  no  more  diffi 
culty  about  remunerating  privately  for  the  work  done  on 
account  of  the  Bank,  than  I  would  for  paying  the  passage  of 
the  clerks  of  the  Bank,  in  a  steam  boat  or  a  stage  when  they 
were  travelling  on  the  business  of  the  Bank.  Why  should  we? 
If  the  grocer  at  the  corner  wishes  to  apprize  the  Community 
that  he  has  some  fresh  figs,  he  is  obliged  to  pay  the  Editor 
of  the  Newspaper  by  the  inch,  it  would  not  be  fair  there 
fore  to  let  the  Editor  do  work  in  every  respect  similar  for  the 
Bank,  without  any  remuneration,  while  he  has  to  pay  for 
paper  &  types  &  printing.  I  will  thank  you  therefore  to  ask 
Mr  Gales  to  print  six  thousand  extra  copies  of  his  paper  con 
taining  Mr  Adams'  &  your  report  together,  and  send  them 
to  proper  persons  in  proper  places.  .  .  . 

1  Representative  from  Philadelphia  County.  Cf.  results  of  the  investigating 
committee  and  its  report  in  Catterall,  op.  tit.,  p.  230. 


To  Thomas  Cadwalader        191 

BIDDLE  TO  THOMAS  CADWALADER 

May  30.  1832. 
Dear  Sir, 

On  my  arrival  I *  began  with  a  full  and  frank  conver 
sation  with  Mr.  McLane  on  the  subject  of  the  Bank  and  at 
his  suggestion  saw  Mr.  Livingston  —  after  which  they  con 
ferred  —  and  I  saw  Mr.  Livingston. 

The  general  purport  of  my  communication  was  this.  The  in-' 
vestigation  has  given  a  new  aspect  to  our  affairs  —  it  dis 
arms,  or  ought  to  disarm  some  of  the  hostility  hitherto  enter 
tained  toward  it,  and  furnishes  a  new  motive  for  pressing  a 
decision.  Under  these  circumstances  it  would  be  very  agree 
able  if  the  Executive  would  concur  in  promoting  the  object 
—  which  we  would  gladly  attain  by  accepting  such  modifica 
tions  as  would  be  agreeable  to  the  administration.  I  stated 
moreover  the  extreme  awkwardness  of  having  such  a  measure 
before  Congress  while  the  Department  to  which  it  belonged 
had  no  cognizance  of  it  and  my  anxiety  to  cooperate  with  the 
Executive  in  modifying  and  perfecting  the  measure.  I  need 
not  detail  peculiarity  of  their  situation  which  makes  them 
passive  and  all  that  I  could  learn  from  Mr.  Livingston  was 
that  the  awkwardness  was  irretrievable  —  and  that  it  only 
remained  to  make  the  bill  as  unexceptionable  as  possible. 

We  have  then  parted  good  friends. 

BIDDLE  TO  THOMAS  CADWALADER 

Washn.  June  5,  1832 

Tuesday  5  o'clock 
My  dear  General, 

For  the  last  week  I  have  been  expecting  daily  to  re- 

1  Biddle  went  to  Washington  May  20,  with  the  idea  of  conducting  his  own 
campaign.  This  letter  is  printed  in  Catterall,  op.  cit.,  pp.  232,  233,  note  3. 


1 9  2     Correspondence  of  Nicholas  Biddle 

turn  home,  &  was  willing  therefore  to  spare  you  &  myself  the 
trouble  of  corresponding,  when  we  could  so  much  more  read 
ily  converse  about  the  matter.  It  has  been  a  week  of  hard 
work  anxiety  &  alternating  hopes  &  fears,  but  I  think  that 
we  may  now  rely  with  confidence  in  a  favorable  result.  You 
know  how  many  difficulties  are  to  be  overcome  —  how  many 
hostilities  are  to  be  encountered;  how  many  friendly  indis 
cretions  and  weaknesses  are  to  be  repaired,  in  a  work  like  this. 
I  think  moreover  that  it  has  reached  a  point  where  we  may 
promise  ourselves  some  rest.  The  Senate  are  now  occupied 
with  what  I  consider  the  most  decisive  point  of  the  whole 
question  —  and  being  obliged  to  leave  the  capitol  to  prepare 
for  some  company  to  dine  with  me,  I  write  these  views  as  pre 
liminary  to  the  news  which  the  Senators  who  are  to  be  my 
guests  may  bring  with  them.  They  have  come.  This  day  like 
yesterday  has  been  consumed  in  rejecting  a  very  distract 
ing  &  dangerous  proposal  to  exchange  a  bonus  for  the  obli 
gation  to  discount  at  five  per  cent.  I  have  been  at  work  all 
day  to  get  rid  of  it  —  and  we  have  succeeded  by  a  vote  of 
26  to  1 8  in  excluding  it.  Tomorrow  we  shall  have  something 
decisive. 

BIDDLE  TO  THOMAS  CADWALADER 

Washn  July  3.  1832. 

Tuesday  evening 
My  dear  Gen1, 

.  .  .  The  Senate  immediately  agreed  to  the  amend 
ment  so  that  the  Bill  has  finally  passed. x  I  congratulate 
our  friends  most  cordially  upon  their  most  satisfactory  result. 
Now  for  the  President.  My  belief  is  that  the  President  will 

1  Bill  passed  the  Senate  28  to  20.  Cong.  Debates,  vol.  vm,  pt.  I,  p.  1073. 


Nicholas  Eiddle 

From  a  miniature  by  Henry  Inman 


From  W.  Creighton  193 

veto  the  bill  though  that  is  not  generally  known  or  believed. 
This  however  we  shall  soon  see. 


DANIEL  WEBSTER  TO  THOMAS  CADWALADER 

Washington  July  5.  1832 
My  Dear  Sir, 

Mr  Biddle  left  on  yesterday.  I  feel  it  to  be  a  duty  to 
express  to  those  particularly  interested  in  the  Bank,  my 
sense  of  the  great  benefit  which  has  been  derived  from  his 
presence  and  attention  here.  We  should  have  done  but  badly 
without  him.  His  address  &  ability,  in  satisfying  the  doubftt 
of  friends,  softening  the  opposition  of  enemies,  &  explaining  \ 
whatever  needed  explanation,  have  been  important  cause  in/ 
producing  the  result,  which  has,  so  far,  attended  the  Bill. 
I  can  assure  you,  that  this  is  not  only  my  opinion,  but  that 
of  others,  also,  the  most  competent  observers  &  judges.  At 
dinner,  yesterday,  where  gentlemen  were  speaking  of  the 
subject,  a  very  distinguished  person  observed,  "that  it  was 
only  once  in  a  century  that  a  man  was  to  be  found  so  emi 
nently  fitted  to  be  the  head  of  such  an  Institution  as  Mr  B." 
...  I  am,  Dear  Sir,  with  very  true  regard. 

W.  CREIGHTON  TO  BIDDLE 

Washington  July  ioth  1832 
Dear  Sir, 

Mr.  Van  Buren  arrived  at  the  Presidents  on  Sunday 
night,  and  to  day  the  President  sent  to  the  senate  his  veto 
on  the  Bank  bill.1 

1  Richardson,  op.  tit.,  vol.  n,  pp.  576  et  seq. 


194    Correspondence  of  Nicholas  Biddle 

WILLIAM  G.  BUCKNOR  *  TO  BIDDLE 

July  12th.  1832 
My  dear  Sir 

You  will  perceive  by  the  Papers  to  day  what  effect 
the  Veto  has  had  upon  your  Stock,  and  the  Stockholders  have 
now  the  satisfaction  of  being  acquainted  with  the  objections 
which  have  influenced  General  Jackson  in  refusing  a  renewal 
of  the  Charter.  The  period  has  arrived  in  which  those  inter 
ested  in  the  Bank  have  no  hope  but  from  your  exertions  and 
the  only  means  are  to  endeavour  to  defeat  his  election  which 
as  far  as  I  can  learn  may  be  accomplished  by  opposing  to  him 
one  or  more  of  those  Papers  in  this  State  whose  influence  & 
circulation  is  great  and  that  this  can  be  arranged  I  am  con 
fident.  I  am  only  anxious  an  immediate  attack  should  be 
made  upon  him,  for  to  be  effective  it  must  be  made  at  once. 
I  have  had  a  conversation  with  Webb  2  who  I  am  sure  is 
ready,  very  little  is  required  to  turn  this  state  and  I  think  it 
can  be  done.  I  take  the  liberty  of  offering  you  one  Suggestion, 
which  is,  that  at  the  present  moment  of  excitement  it  would  be 
a  matter  of  serious  accommodation  to  the  Stockholders  many 
of  them,  if  directions  were  given  to  the  Branch  here  to  lend  on 
the  Stock  either  temporarily  or  on  the  Ist.  of  October  without 
grace  when  they  can  have  time  to  make  other  arrangements.  I 
pray  you  to  believe  that  this  is  disinterested  as  regards  myself. 

BIDDLE  TO  WILLIAM  G.  BUCKNOR 

Phil3.  July  13.  1832 
My  dear  Sir 

I  had  this  morning  the  pleasure  of  receiving  your 

1  Bucknor  and  Biddle,  brokers  of  New  York. 

2  James  Watson  Webb,  editor  of  the  New  York  Courier  and  Enquirer.  Cf. 
sketch  of  life  in  Bennett,  James  G.,  Memoirs  (New  York,  1885),  p.  105. 


To  W^illiam  G.  Bucknor        195 

favor  of  the  12th  inst.  &  thank  you  for  the  suggestions  it 
contains,  which  are  I  am  sure  dictated  by  the  most  friendly 
disposition  to  the  Bank.  The  subject,  as  you  may  readily 
suppose,  has  occupied  much  of  my  thoughts,  so  that  I 
am  able  to  speak  of  it  at  once  but  after  very  deliberate 
reflection. 

I  am  very  sensible  of  the  value  to  the  Bank  of  the  result 
contemplated  &  fully  aware  of  the  importance  of  what  you 
mention  in  accomplishing  that  result.  But  the  agency  of  the 
Bank  in  contributing  to  it  is  a  matter  of  very  grave  consider 
ation.  When  the  Bank  was  denounced  by  the  President,  &  all 
the  influences  of  his  patronage  arrayed  against  it,  it  was  an 
obvious  duty  not  to  suffer  the  institution  to  be  crushed  by 
the  weight  of  power  —  but  to  appeal  directly  to  the  country 
—  and  as  the  whole  channel  through  which  the  understand 
ings  of  the  community  could  be  reached  was  the  press,  we 
strove  to  disseminate  widely  correct  information  in  regard 
to  the  Bank.  That  object  is  accomplished.  The  Bank  is  fairly 
before  the  country  and  large  majorities  of  both  houses  of 
Congress  have  decided  in  its  favor.  One  individual  has  how 
ever  opposed  his  will  to  the  deliberate  reflections  of  the  rep 
resentatives  of  the  people  —  and  the  question  now  is  whether 
the  Bank  ought  to  exert  itself  to  defeat  the  reelection  of  that 
person  who  is  now  the  only  obstacle  to  its  success.  On  that 
question  I  have  made  up  my  mind  that  to  interfere  in  the 
election  would  be  a  departure  from  the  duty  which  the 
Bank  owes  to  the  country.  The  first  law  of  its  existence  is  en-\ 
tire  and  unqualified  abstinence  from  all  political  connexions  j 
&  exertions.  This  it  has  hitherto  practised,  and  whatever^ 
may  be  the  consequences,  must  continue  to  practise.  The 
temptations  to  a  contrary  course  are  I  feel  very  great,  but 


Correspondence  of  Nicholas  Biddle 

I  believe  it  to  be  the  duty  of  the  Bank  to  resist  them.  If  I 
could  permit  myself  to  do  otherwise,  it  would  have  an  ad 
ditional  satisfaction  in  the  prospect  of  serving  one  who  has 
I  think  been  very  hardly  and  unjustly  treated  by  his  politi 
cal  associates. 

You  will  easily  believe  that  I  think  our  differences  of 
opinion  on  this  subject  arise  merely  from  our  looking  at  the 
object  from  different  points  of  view,  for  I  think  in  my  situ 
ation  You  would  probably  entertain  the  same  sentiments.  I 
shall  always  be  glad  to  hear  from  you  whenever  you  have 
leisure,  &  remain. 

BIDDLE  TO  HENRY  CLAY  1 

(private)  Phila.  August  Ist  1832 

My  dear  Sir 

You  ask  what  is  the  effect  of  the  Veto.  My  impression 
is  that  it  is  working  as  well  as  the  friends  of  the  Bank  and  of 
the  country  could  desire.  I  have  always  deplored  making  the 
Bank  a  party  question,  but  since  the  President  will  have  it 
so,  he  must  pay  the  penalty  of  his  own  rashness.  As  to  the 
Veto  message  I  am  delighted  with  it.  It  has  all  the  fury  of 
a  chained  panther  biting  the  bars  of  his  cage.  It  is  really  a 
manifesto  of  anarchy —  such  as  Marat  or  Robespierre  might 
have  issued  to  the  mob  of  the  faubourg  St  Antoine:  and  my 
hope  is  that  it  will  contribute  to  relieve  the  country  from 
the  dominion  of  these  miserable  people.  You  are  destined  to 
be  the  instrument  of  that  deliverance,  and  at  no  period  of 
your  life  has  the  country  ever  had  a  deeper  stake  in  you.  I 
'wish  you  success  most  cordially,  because  I  believe  the  insti 
tutions  of  the  Union  are  involved  in  it. 

1  This  letter  is  published  in  Colton,  op.  cit.,  vol.  IV,  p.  34. 


70  John  Tilford  197 


THE  BANK  OF  THE  U.S.  to  JOHN  S.  BIDDLE,  Dr. 

For  2Om  copies  Mr  McDuffie's  report  from  the  mi 
nority  of  the  Comee  appointed  to  examine  BUS. 
a  21  £ 420 

I2M  copies  Mr  Adams'  separate  report  from  same 
Comee  at  22  $ 264 

25M  copies  Mr  Websters  speech  on  the  President's 

veto  message  on  the  Bill  rechartering  BU.S.  25  $     500 

5OM  copies  (German  &  English  edition)  "review"  of 
the  President's  veto  Message  on  the  bill  rechar 
tering  B  U  S.  a  $20  1000 

IOM  copies  Mr  Smith's  report  to  the  Senate  on  be 
half  of  the  Comee  of  finance  on  B  U.S.  a  $12 120 

2OM  copies  report  of  Come  Ways  &  Means  to  the  H 
of  R.  on  B  U.S.  Mr  McDuffie  Chairman  a  #10 200 

IOM  copies  report  of  the  Secy  of  Treasy.  on  BUS.  $9       90 

Expenses   incurred  for  transportation  &  circula 
tion  of  the  following  documents 748.71 

£3,242-71 
Phila.  Sepr.  20,  1832 

Received  payment 

JOHN  S.  BIDDLE 

BIDDLE  TO  JOHN  TILFORD 

Phila.  Septr  26th  1832 
Dear  Sir 

I  send  by  this  mail  Mr.  Websters  speech  on  the  Veto 
Message,  and  also  another  article  reviewing  that  message.  It 
is  desirable  that  these  should  be  circulated  so  as  to  counter 
act  the  injurious  impressions  which  the  message  was  destined 
to  make  against  the  Institution.  You  will  therefore  cause  the 
papers,  as  well  as  Mr.  Clay's  &  Mr.  Ewing's  speeches  on  the 
same  subject  or  any  other  well  written  articles  in  regard  to 
the  Bank  to  be  printed  and  dispersed.  If  you  think  any  of 
these  I  have  mentioned  too  long  or  elaborate  for  general 


198    Correspondence  of  Nicholas  Biddle 

f\  reading,  you  can  substitute  any  other  matter  which  may 
/  have  the  same  object.  All  that  I  wish  to  caution  you  against 
*  is,  that  abstaining  as  the  Bank  does  from  all  connexion  with 
what  are  called  party  politics,  you  will  confine  your  efforts 
exclusively  to  the  distribution  of  what  may  be  explanatory 
of  the  operations  and  conduct  of  the  Bank.  Confined  to  that 
object  exclusively,  you  may  cause  to  be  printed  and  circu 
lated  any  amount  of  such  papers  as  you  may  consider  neces 
sary  for  the  vindication  of  the  Bank  and  give  me  an  account 
of  the  expense,  which  you  will  of  course  endeavor  to  make  as 
reasonable  as  may  consist  with  the  object  in  view. 

BIDDLE  TO  JOHN  RATHBONE  JR.1 

Phila.  Novr.  21st  1832 
My  dear  Sir 

.  .  .  The  Bank  does  not  mean  to  commence  any  sys- 
i  tematic  reduction  of  its  loans  with  a  view  to  winding  up  its 
affairs.  It  does  not  mean  to  begin  to  close  its  concerns.  It 
means  to  go  on  in  its  general  business  just  as  if  no  such  event 
as  the  President's  negative  had  ever  happened.  The  only 
alteration  it  proposes  is  rather  in  the  form  than  in  the  amount 
of  its  loans  —  an  alteration  which  under  any  circumstances, 
it  would  be  disposed  to  recommend  —  and  it  is  this  —  to  give 
gently  and  gradually  the  loans  of  the  Bank  the  direction  of 
domestic  bills,  converting  where  it  can  be  done  the  line  of 
notes  discounted,  into  domestic  bills  of  exchange,  which  be 
ing  payable  at  maturity,  will  give  the  Institution  a  greater 
command  over  its  funds.  .  .  . 

1  A  powerful  financier  from  New  York.  One  of  the  directors  of  the  New  York 
and  Erie  Railroad.  Wilson,  op.  cit.,  vol.  in,  p.  416,  note. 


From  Colt  (?)  199 


COLT  (?)  TO  BIDDLE 

Paterson  8  Decr  1832. 
My  dear  Sir 

...  If  the  Secretary  of  the  Treasury  comes  out  against 
the  Bank,  &  which  I  am  now  disposed  to  doubt,  since  I  find 
who  are  interested  in  depressing  Stock,  I  think  You  ought  at 
once,  to  call  a  Meeting  of  the  Whole  Board  and  consult  with 
them,  whether  a  meeting  of  the  Stockholders  should  not  be 
called  —  that  the  affairs  of  the  Bank  may  be  examined  into, 
with  a  view  of  putting  down  the  calumnies  heaped  upon  its 
present  administration  —  the  reason  given  to  the  Public  for 
the  call  might  be,  to  ask  directions  or  instructions  from  the 
Stockholders  on  the  subject  of  curtailing  the  discounts  & 
withdrawing  the  Southern  &  western  Branches  —  this  would 
frighten  the  men  at  Washington  not  a  little  —  it  is  astonish 
ing  what  a  change  the  Message  l  has  produced  —  no  one 
doubts  for  a  moment  had  this  message  come  out  6  weeks  ago 
that  Jackson  would  have  lost  his  Election  &  Yet  in  6  weeks 
more,  it  will  be  the  flinging  up  of  Caps  &  hurrah  for  Jackson 
—  he  is  all  right  —  the  Bank  must  be  put  down  —  the  Tariff 
must  be  put  down  —  so  must  the  Supreme  Court  —  &  the 
Lands  given  to  the  Western  States  &  internal  improvements  is 
worse  than  bad.  I  really  think  You  ought  to  curtail  Your 
Discount  in  Tenessee,  Mobile,  Charleston,  Savanna,  &  Vir 
ginia.  I  would  let  these  people  feel  a  pressure  —  but  not  of 
course  so  as  to  cause  failures  —  give  orders  at  Same  time 
that  in  all  instances  at  the  Southern  &  Southwestern  Offices 
Where  more  is  offered  than  they  can  do,  to  discount  first 
the  Drafts  on  the  Northern  &  Eastern  Cities  &  refuse  the 

1  Richardson,  op.  cit.,  vol.  II,  pp.  599,  600. 


200    Correspondence  of  Nicholas  Biddle 

domestic  Notes  unless  the  discounts  are  made  of  better 
paper  to  enable  the  offerer  to  take  up  a  Note  held  by  the 
Bank.  Your  true  plan  is  now  to  encrease  even  Your  Loans 
to  a  man,  if  You  can  thereby  make  a  doubtful  debt  secure,  so 
the  great  object  is  now  to  see  how  much  You  can  repay  the 
Stockholders,  upon  the  Supposition  the  Bank  is  to  be  wound 
up  in  5  Years.  .  .  . 

CHARLES  JARED  INGERSOLL  TO  BIDDLE 

Washington  Jany  18/33 
Dear  Sir 

During  the  few  days  of  my  stay  here  I  have  made  it  a 
point  to  ascertain  from  good  authority  what  the  probability 
is  as  to  the  bank  of  the  U  S;  the  result  is  an  assurance  that 
some  time  during  one  of  the  Sessions  of  the  next  Congress, 
the  Executive  will  invite  their  attention  to  the  subject,1  and 
submit  a  plan,  which,  with  modifications,  such  as  the  Legis 
lative  and  Executive  may  eventually  agree  upon,  will  become 
the  institution.  What  the  plan  is  I  did  not  inquire.  Not  with 
standing  all  that  has  passed  it  is  impossible  to  travel  ever  so 
short  a  distance  as  from  Philadelphia  to  Washington  without 
perceiving  universal  preference  and  undiminished  confidence 
in  the  papers  of  the  bank  of  the  US.... 

JOHN  SERGEANT  TO  BIDDLE 

Washington  Mar:  2.  1833. 
My  dear  Sir, 

.  .  .  Looking  forward,  tho'  the  present  excitement  will 

1  On  January  4,  1830,  James  A.  Hamilton  had  furnished  President  Jackson 
with  a  scheme  for  the  creation  of  five  "offices  of  deposit."  Bassett,  Jackson,  vol. 
II,  p.  603. 


From  John  Sergeant 


2OI 


cease,  and  the  composition  of  Congress  be  different  and  less 
favorable,  there  are  still  to  be  discerned  the  elements  of  hope. 
The  new  state  of  parties  will  be  founded  upon  a  combination 
of  the  South,  and  the  leaders  of  it  (the  Southern  party)  are 
friends  of  the  Bank  upon  principle,  and  will  be  more  so  from 
opposition  to  Jackson.  If  they  succeed  in  their  first  object, 
of  uniting  the  South,  they  will  carry  the  whole  of  it  in  favor 
of  the  Bank,  either  actively  or  passively,  those  who  cannot 
act  in  that  direction,  becoming  neutralised  and  Quiescent. 
In  the  middle  and  Northern  States,  and  in  the  West  too, 
their  view  as  to  the  Bank  question  will  be  an  argument  to 
gain  friends  for  their  party.  Against  a  combination  which 
threatens  to  be  so  powerful,  Van  Buren  will  have  to  look  for 
alliances  in  the  North,  I  think,  and  in  so  doing  will  be  obliged 
to  give  up  his  hostility  to  the  Bank.  It  is  quite  possible,  in 
deed,  that  he  may  come  into  conjunction  with  some  of  its 
most  decided  friends.  In  the  mean  time,  Jackson's  influence 
will  be  diminishing,  and  his  personal  feelings  will  by  no 
means  have  the  same  weight  as  heretofore.  And,  besides, 
I  think  he  will  be  pressed  by  so  powerful  an  opposition, 
that  even  he  will  be  obliged  to  behave  himself  with  some 
decency. 

What  I  have  thus  hinted  at,  is  no  doubt  the  subject  of 
calculation  with  those  who  are  looking  to  the  future,  and  I 
shall  be  surprized  if  even  at  the  next  session  there  be  not 
an  altered  tone  towards  the  Bank  in  Congress,  less  ferocity 
among  its  opponents,  and  more  confidence  on  the  part  of  its 
friends,  who,  by  the  way,  can  never  be  too  much  commended 
for  the  zeal  and  courage  they  have  manifested  under  the  most 
unpromising  circumstances.  .  .  . 


202    Correspondence  of  Nicholas  Biddle 


JOHN  G.  WATMOUGH  TO  BIDDLE 

Washington  Saturday 

March  23.  1833 
My  dear  Sir 

;,  ...  The  rumor  here  now  is,  that  both  Van  Buren  * 
&  McLane  are  opposed  to  the  removal  of  the  Deposits.  I  have 
no  news  for  you  &  it  only  remains  for  me  to  repeat  the  warm 
assurance  of  esteem  &  regard,  with  which  I  shall  ever  remain, 
my  dear  sir 

BIDDLE  TO  DANIEL  WEBSTER 

PhiK  April  8.  1833 
My  dear  Sir, 

I  have  received  your  favor  of  the  7th  inst.  I  have  no 
information  of  the  intended  removal  of  the  deposits,  though 
my  opinion  is  that  they  will  not  dare  to  remove  them.  Never 
theless  it  is  very  desirable  that  whatever  is  done  in  the  way 
of  pacification  should  be  done  soon  —  for  if  the  deposits  are 
withdrawn,  it  will  be  a  declaration  of  war  which  cannot  be 
recalled.  .  .  . 

HENRY  CLAY  TO  BIDDLE 

Ashland  ioth  April  1833 
My  Dear  Sir 

I  have  received  your  favor  of  the  25h.  ult:  and  perused 
its  interesting  contents  with  much  satisfaction.  Your  friendly 
solicitude  to  prevent  any  estrangement  between  Mr.  W.2 

1  For  Van  Buren's  attitude  on  the  removal  of  deposits,  cf.  Bassett,  Jackson, 
vol.  ii,  pp.  631,  640,  740. 

2  This  letter  refers  to  a  former  communication  of  Biddle  to  Clay  on  the  ques 
tion  of  the  Compromise  Tariff.  On  March  25  Biddle  wrote  Clay  that  he  had  en- 


From  Henry  Clay  203 

and  myself  adds  another  to  the  many  previous  obligations 
under  which  you  had  placed  me.  I  concur  entirely  with  you 
in  thinking  that,  on  every  account,  such  a  change  in  the 
amicable  relations  between  that  gentleman  and  myself  would 
be  very  unfortunate. 

After  the  introduction  of  the  Compromise  bill,  it  was  mani 
fest  at  Washington  that  a  few  of  the  Eastern  friends  of  Mr. 
W.,  supposing  that  I  had  taken  a  step  that  would  destroy 
me  in  the  public  estimation,  indulged  hopes  that  a  new  party 
would  be  formed,  of  which  he  might  be  the  sole  head.  I  thought 
that  Mr.  W.  himself  made  an  unprovoked  and  unnecessary 
allusion  to  me  when,  in  describing  the  struggles  of  Mr.  Cal- 
houn  in  a  Bog,  he  stated  that  no  friend  could  come  to  his 
relief  without  sharing  in  his  embarrassment.  Even  the  female 
part  of  the  audience  understood  to  whom  the  allusion  was 
directed.  I  need  not  say  to  you  that  I  felt  myself  under  no  sort 
of  obligation  to  Mr.  Calhoun  himself  or  to  the  State  from 
which  he  came;  that  I  had  experienced  nothing  but  unkind- 
ness  from  both ;  and  that  I  have  come  under  no  engagement 
whatever  with  him  in  regard  to  the  future.  If  S°  Carolina 
had  stood  alone,  or  if  she  could  have  been  kept  separated 
from  the  riot  of  the  South  in  the  contest  which  I  apprehended 
to  be  impending,  I  should  not  have  presented  the  measure 
which  I  did. 

On  a  subsequent  occasion  Mr.  W.  imputed  to  me,  in  a  man 
ner  I  thought  unfriendly,  an  abandonment  of  the  Protective 
policy.  To  that  suggestion  an  immediate  reply  was  made.  And 

deavored  to  change  Webster's  opinion  on  the  subject;  and  that  while  Webster  was 
visiting  in  Philadelphia  he  had  prevented  the  Senator's  friends  from  giving  a 
public  dinner  for  fear  it  might  "  furnish  an  occasion  for  his  less  discreet  friends  to 
do  and  say  things  inexcusable  at  a  moment  of  excitement."  Webster  left  the  city 
"in  a  frame  of  mind  entirely  satisfactory." 


204    Correspondence  of  Nicholas  Eiddle 

to  his  chief  attack  upon  the  bill  itself  a  prompt  answer  was 
given,  which  you  had  seen  in  the  public  prints.  Whatever 
momentary  feelings  were  excited,  during  the  progress  of  the 
measure,  I  assure  you  after  it  was  carried  that  they  entirely 
ceased ;  and  all  my  sentiments  of  attachment  to  Mr.  W.  re 
turned  in  their  undiminished  strength.  I  took  several  occa 
sions  to  evince  to  him  this  state  of  my  heart;  and  I  was  happy 
to  believe  that  it  was  fully  reciprocated  by  him.  I  assure  you 
that  on  my  part  these  feelings  shall  be  constantly  cherished. 

You  will  have  heard  from  him  or  others  that  the  Compro 
mise  *  was  not  offered  until  after  the  fullest  and  freest  con 
ferences  with  him  and  others.  Two  distinct  meetings  at  my 
quarters  of  n  or  12  Senators  (at  the  first  of  which  he  at 
tended,  and  to  the  last  he  was  summoned)  took  place,  in 
which  it  was  fully  discussed  and  considered.  At  the  last  I 
interrogated  each  Senator  individually,  and  I  understood 
every  one  to  agree  substantially  to  the  bill  (for  I  had  pre 
pared  a  bill)  except  one,  who  finally  voted  for  it.  Several  of 
those  who  had,  as  I  supposed,  assented  to  it  voted  against  it. 

I  do  not  now  think  that  the  course  of  Mr.  W.  and  other 
gentlemen  from  the  East  and  North  who  voted  with  him,  is  to 
be  regretted  —  certainly  not,  if  the  difference  of  opinion  should 
produce,  and  it  ought  to  produce,  no  alienation  between 
friends.  Many  of  them  I  know  so  voted,  from  considerations 
of  policy,  rather  than  from  any  positive  objections  to  the  bill. 
And  the  course  which  they  pursued  will  probably  tend  to  rec 
oncile  the  South  more  strongly  to  a  measure,  in  which  it  has 
got  a  nominal  triumph,  whilst  all  the  substantial  advantages 
have  been  secured  to  the  Tariff  States.  .  .  . 

1  Compromise  Bill  passed  the  House,  February  26,  1833,  119  to  85;  Senate 
on  March  i,  29  to  16. 


From  Robert  W.  Gibbes        205 


BIDDLE  TO  DANIEL  WEBSTER 

Phila.  April  10,  1833 
Dear  Sir, 

I  wrote  to  you  to  day  that  Mr  L.  would  be  in  New 
York.  I  write  to  you  again  to  say  that  I  think  it  would  be 
well  to  see  him.  The  whole  question  of  peace  or  war  lies  in 
the  matter  of  the  deposits.  If  they  are  withdrawn,  it  is  a  decla 
ration  of  war.  It  is  wiser  therefore  to  begin  the  work  of  peace 
before  any  irrevocable  step  is  taken. 

ROBERT  W.  GIBBES  TO  BIDDLE 

Private  Baltimore  13th*  April  1833. 

My  Dr.  Sir, 

The  contents  of  this  letter  you  will  comprehend,  when 
you  connect  with  it  a  late  conversation  held  by  yourself  with 
a  mutual  acquaintance  of  ours,  and  to  whom  an  unexpected 
opportunity  has  been  offer'd  of  gaining  the  following  informa 
tion,  on  which  you  may  rely  as  of  the  highest,  &  most  direct 
authority. 

You  need  not  be  informed  of  the  hostility  of  the  Admin 
istration  to  the  Institution  over  which  you  preside,  but  the 
following  items  must  prove  interesting.  At  this  moment 
the  opinion  of  the  different  members  as  to  the  immediate 
withdrawal  of  the  Government  Deposites  is  asked,  and 
their  individual  opinion  stands  thus.  In  the  first  place  the 
President  considers  that  he  has  conquered  all  of  his  diffi 
culties  but  that  of  the  Bank,  &  this  he  is  determined  to 
accomplish  "coute  qui  coute."  Were  it  left  to  Kendall  & 
himself  they  would  withdraw  the  Deposites  immediately, 


2  o  6    Correspondence  of  Nicholas  Bid  die 

but  believing  as  they  do,  that  the  Bank  has  40  or  50  mil 
lions  discount  in  the  Western  Country,  which  it  will  be  com 
pelled  to  curtail,  whether  or  no,  they  prefer  the  odium  to  rest 
on  its  Head,  instead  of  that  of  the  Government.  Mr  McLane 
considers  that  the  Government  would  be  prostrated  by  their 
taking  this  step,  and  therefore  is  adverse  to  the  withdrawal 
at  present.  The  Post  Master  Gen1,  objects  to  the  step  at  this 
moment  also,  but  considers  the  convenience  of  making  his 
Deposits  in  State  Banks  so  important,  that  he  contemplates 
asking  permission  (which  he  thinks  will  not  be  refused  him) 
of  making  his  separate  deposits  in  them,  —  more  especially 
as  you  will  not  permit  him  to  overdraw,  without  a  confiden 
tial  letter  from  him  to  that  effect.  Taney  is  for  immediate  with 
drawal.  And  the  influence  of  such  men  as  Com6  Stewart, 
Whitney,  &c,  is  exerted  to  effect  this  object,  which  will  pro 
duce  the  natural  consequence  of  lowering  the  market  value 
of  the  Stock.  The  present  disposition  of  the  influential  party 
is  to  withdraw  the  deposits  in  October  next.  But  the  wily 
Magician  is  for  throwing  the  responsibility  on  Congress,  be 
lieving  that  they  will  have  a  sufficient  majority  to  Carry 
their  measure.  His  hostility  to  the  Bank  is  implacable;  and 
the  various  offers  made  to  them  by  different  State  Banks 
tally's  much  better  with  their  ulterior  views  than  the  secur 
ity  offered  by  the  present  mode  of  Deposit.  In  a  few  words, 
—  if  it  be  not  determined  on  to  withdraw  the  Deposits  in 
October,  the  firm  belief  is,  that  the  President,  instead  of 
recommending  this  measure  in  his  next  annual  Message,  will 
simply  state  in  it  some  definite  period  when  he  is  determined 
they  shall  be  withdrawn. 

I  give  you  the  above  information  at  the  request  of  Mr. 
Oliver,  and  should  any  thing  further  be  communicated  which 


"To  J.  S.  Bar  hour  207 

we  may  deem  important,  you  shall  be  made  acquainted 
with  it. 

I  need  not  point  out  the  source  of  this  information  —  but 
will  merely  add,  that  you  may  rely  on  the  its  correctness. 

That  it  may  prove  of  service  to  you  is  the  sincere  wish  of 

BIDDLE  TO  J.  S.  BARBOUR 

(private)  Phila.  April  i6th.  1833. 

My  dear  Sir 

...  The  fact  is  that  the  real  sin  of  the  Bank  in  the 
eyes  of  the  Executive  is,  that  it  is  refractory  &  unmanage 
able.  When  these  people  first  came  into  power  on  a  current  of 
overwhelming  popularity,  to  which  they  thought  every  thing 
should  yield,  they  considered  the  Bank  a  part  of  the  spoil, 
and  one  of  their  first  efforts  was  to  possess  themselves  of  the 
institution  for  the  benefit  of  their  partizans.  We  saw  all  that 
would  follow  from  the  slightest  concession  —  and  deter 
mined,  since  there  must  be  War,  to  begin  it  in  the  frontiers 
by  letting  them  know  that  they  were  to  have  nothing  to 
do  with  the  Bank.   From  that  time  they  resolved,  that  as\ 
they  could  not  bend  it  they  would  break  it.  This  is  the  whole  \ 
secret  of  the  opposition  to  the  institution.  I  know  this  so  well    ) 
that  I  feel  myself  a  much  more  profound  Jurist  than  all  the  \ 
lawyers  and  all  the  statesmen  of  Virginia  put  together,  for  in  / 
half  an  hour,  I  can  remove  all  the  constitutional  scruples  in  the 
District  of  Columbia.  Half  a  dozen  Presidencies  —  a  dozen 
Cashierships  —  fifty  Clerkships  —  a  hundred  Directorships 
—  to  worthy  friends  who  have  no  character  and  no  money. 
Why,  there  is  more  matter  for  deep  reflection  in  such  a  sen 
tence  than  in  any  twenty  of  Tacitus  or  Montesquieu.  It 
would  outweigh  the  best  argument  of  your  Madisons  &  Ran- 


2  o  8     Correspondence  of  Nicholas  Bid  die 

dolphs  &  Watkins  Leigh's.  But  that  sentence,  short  and  easy 
as  it  seems,  shall  never  be  written  or  said:  and  so  we  must 
go  on  to  the  end  of  the  chapter,  and  the  charter.  .  .  . 

THOMAS  COOPER  1  TO  BIDDLE 

College,  Columbia  South  Carolina 

April  27.  1833 
Dear  Sir 

I  am  in  principle  opposed  to  all  Banks,  and  of  course 
to  that  over  which  you  preside.  I  wrote  the  review  of  that 
question  in  the  Southern  review.  I  have  just  written  the  ar 
ticle  on  Banks  in  the  Southern  Times  of  this  place,  which  I 
send  by  this  post.  I  have  not  varied  in  my  good  opinion  of 
your  personal  Character,  to  which  I  have  not  omitted  to  bear 
,  willing  testimony. 

If  I  could  oppose  the  banking  system  with  success,  I  would 
do  so;  but  I  cannot.  Under  these  circumstances,  I  very 
greatly  prefer  the  renewal  of  your  institution,  to  the  Schemes 
of  Gen1.  Jackson  and  Van  Beuren;  &  I  have  determined  to 
open  upon  them  the  battery  of  the  Press  here.  Have  you  any 
facts  or  suggestions  that  you  would  be  willing  to  communi 
cate  to  me  confidentially  in  aid  of  my  design?  If  so,  I  will  use 
them  as  I  here  propose.  If  not,  all  is  well;  I  shall  go  on,  with 

1  A  distinguished  scientist,  writer,  and  politician  of  South  Carolina.  Cooper 
was  born  in  London,  October  22,  1759.  After  studying  at  Oxford,  Cooper  visited 
France  where  he  became  involved  in  the  political  struggles  of  that  nation.  In  1795 
he  came  to  America  with  Dr.  Joseph  Priestley;  but,  once  more  taking  up  the  cudgel 
against  government,  he  was  tried  under  the  Alien  and  Sedition  laws  for  attacking 
the  administration  of  John  Adams.  From  1811  to  1814  he  held  the  chair  of  chem 
istry  in  Dickinson  College;  in  1816,  the  same  chair  at  the  University  of  Pennsyl 
vania;  and  from  1820  to  1834,  the  presidency  of  the  University  of  South  Carolina. 
Dr.  Cooper  soon  became  interested  in  Southern  politics  and  was  a  strong  advocate 
of  nullification.  The  character  of  the  man  can  easily  be  discerned  from  this  and  the 
following  letters  to  Biddle.  Cf.  sketch  of  life  in  Niles,  June  22,  1839. 


To  "Thomas  Cooper  209 

such  observations  as  occur  to  me.  You  know  me,  and  I  pre 
sume  will  take  for  granted  that  I  write  in  good  faith,  as  a  Gen 
tleman  ought.  I  am  Dear  Sir 

I  have  communicated  to  no  one,  my  intention  of  apply 
ing  to  you  for  information,  nor  shall  I.  I  send  you  also  a 
pamphlet. 

BIDDLE  TO  THOMAS  COOPER  ESQ. 

Phila.  May  6th.  1833. 
Dear  Sir 

...  I  have  observed  with  great  interest  what  you  have 
written  on  the  subject  of  the  Bank.  The  truth  is,  that  the 
question  is  no  longer  between  this  Bank  &  no  Bank.  It  is  a 
mere  contest  between  Mr.  Van  Buren's  Government  Bank 
and  the  present  institution  —  between  Chestnut  St  and 
Wall  St  —  between  a  Faro  Bank  and  a  National  Bank. 
You  do  not  perhaps  know  that  soon  after  these  people  came 
into  power,  there  was  a  deliberation  in  Caucus  of  the  most 
active  of  the  Jackson  Party  as  to  the  means  of  sustaining 
themselves  in  place  —  and  the  possession  of  the  Bank  was 
ranked  as  a  primary  object.  For  this  purpose  they  began  in 
1829  with  an  effort  to  remove  an  obnoxious  President  of  one 
of  the  Branches — which  was  to  be  followed  by  a  systematic 
substitution  of  their  creatures  throughout  the  whole  insti 
tution.  This  experiment  failed,  owing  to  the  firmness  of  thev 
Directors  who  determined  that  they  would  not  permit  the  \ 
interference  of  the  Executive  Officers.  .  .  .  From  that  moment 
they  despared  of  turning  the  Bank  to  their  political  purposes, 
and  have  been  intent  on  breaking  it  down  to  substitute  some 
machinery  more  flexible.  To  that  spirit,  a  new  impulse  has 
been  given  by  a  coterie  of  gamblers  who  having  ascertained 


210    Correspondence  of  Nicholas  Bid  die 

the  views  of  the  Executive  before  the  last  session  of  Congress 
and  believing  that  they  must  be  fatal  to  the  Bank,  made  large 
contracts  on  time.  These  executive  denunciations  not  hav 
ing  sufficiently  lowered  the  stock  to  render  the  speculations 
safe  or  profitable,  the  parties  are  now  endeavoring  to  force 
the  Executive  into  the  withdrawal  of  the  public  deposits,  as 
a  measure  that  would  cover  their  retreat.  This  combination 
of  political  gamblers  and  gambling  politicians  is  the  key  to 
the  whole  history  of  the  relations  between  the  Bank  &  the 
executive.  Against  that  coalition,  all  honest  men  should  exert 
themselves.  I  am  extremely  gratified  therefore  at  the  opening 
of  that  battery  of  yours,  and  shall  be  very  glad  to  supply  you 
with  all  the  ammunition  in  my  power.  .  .  . 

BIDDLE  TO  J.  S.  BARBOUR  * 

PhiK  July  IIth  1833 
My  dear  Sir 

I  have  had  the  pleasure  of  receiving  your  favor  of  the 
7th  inst.  and  am  rejoiced  to  hear  that  your  avowed  purpose 
of  acting  next  winter  in  the  legislature  has  brought  out  an 
expression  of  corresponding  sentiments  in  other  quarters. 

What  should  be  deeply  impressed  on  the  minds  of  the 
Southern  gentleman  is,  I  think,  this  —  that  the  administra 
tion  people  mean  to  unite  in  an  outcry  against  any  Bank,  & 
having  thus  secured  the  cooperation  of  the  constitutionalists 
in  the  destruction  of  the  present  Bank,  they  will  then  build 
up  one  of  their  own,  leaving  the  Constitutionalists  to  be 
laughed  at,  after  having  been  duped.  The  question  is  no 
longer  open.  It  is  a  question  between  Chestnut  St  and  Wall 
St.  —  a  question  whether  the  Central  Gov1.  is  to  have  the 

1  Representative  from  Virginia. 


From  Thomas  Cooper 


211 


command  of  the  revenues  —  a  question  between  a  Treasury 
Bank  or  an  independent  Bank. 

Mr  Gouge  l  was  an  assistant  Editor  of  a  party  newspaper 
devoted  to  the  cause  of  Mr  Jackson  &  opposed  to  the  Bank. 
He  has  retired  from  the  paper  and  this  book  is  among  the 
fruits  of  his  leisure.  The  work  has  attracted  so  little  notice 
that  I  had  never  seen  it,  tho'  I  had  observed  the  advertise 
ment  of  it;  nor  have  I  ever  heard  it  mentioned.  In  conse 
quence  of  your  letter,  I  have  sent  for  a  copy  of  it,  and  have 
run  my  eyes  over  it.  Mr  Gouge  has  no  knowledge  or  experi 
ence  of  his  own  on  the  subject  of  which  he  treats,  nor  do  I 
observe  any  thing  either  strong  or  original  in  the  book,  which 
consists  of  an  accumulation  of  common  place  extracts  such 
as  any  body  could  get  together  who  wished  to  support  a  sys 
tem  of  any  sort.  I  ought  not  to  speak  so  disparagingly,  since 
I  observe  that  he  is  very  civil  and  complimentary  to  me  per 
sonally,  but  really  there  does  not  appear  to  be  much  merit  of 
his  compilation.  It  is  a  book  made  with  the  scissors,  &  what 
is  worse,  a  dull  pair 

THOMAS  COOPER  TO  BIDDLE 

Columbia  S.  Carolina 

July  12.  1833 
DrSir 

I  observe  the  Jackson  administration,  to  conciliate 
Pennsylvania,  have  appointed  W.  J.  Duane  to  the  treasury,  a 

1  William  M.  Gouge  was  the  editor  of  the  Philadelphia  Gazette  and  for  thirty 
years  contributed  articles  on  banking  to  various  periodicals.  He  was  connected  for 
some  time  with  the  Treasury  Department  in  Washington.  His  best-known  works 
are:  The  History  of  the  American  Banking  System  (1835);  The  Expediency  of  Dis 
pensing  with  Bank  Paper  (1837);  and  Fiscal  History  of  Texas  (1852).  Gouge  was 
a  strong  advocate  of  the  Sub-Treasury  and  had  great  influence  in  trying  to  es 
tablish  this  system. 


212     Correspondence  of  Nicholas  Biddle 

man  of  plain  practical  good  sense,  and  I  believe  of  good  mean 
ing;  but  he  must  of  necessity  in  a  short  time  adopt  adminis 
tration  morals,  which  is  a  code  identical  under  every  admin 
istration  of  every  form  of  government.  He  has  written  to  the 
editor  of  the  Times,  to  send  him  the  series  of  Essays  signed 
C.  I  shall  send  him  the  number  of  July  6  &  that  of  to  day 
in  my  own  name:  I  have  not  kept  any  but  one  copy  of 
the  former  numbers.  I  observe  Ritchie  1  of  Richmond  is  very 
angry :  of  course:  many  people  here  think  I  abandon  my  prin 
ciples  ;  but  I  do  not  write  for  popularity,  but  for  what  I  con 
sider  as  just  and  true  under  the  circumstances.  To  Gen1. 
Jackson,  his  proclamation  &  his  force  bill,2  &  to  those  who 
support  these  measures,  I  have  nothing  to  say  but  bellum 
inter  necinum.  Degraded  as  we  are,  to  a  government  whose 
polar  star  is  the  omnipotence  of  parliament,  I  care  but  little 
about  modern  politics  here,  except  to  oppose  them. 

BIDDLE  TO  ROBERT  LENOX 

Phila.  July  30  1833 
My  dear  sir 

.  .  .  The  gamblers  are  doing  every  thing  in  their  power 
to  bend  Mr.  Duane  to  their  purposes.  But  he  knows  them  and 
will  not  yield  an  inch.  I  feel  entirely  confident  that  he  will  do 
his  duty,  and  will  leave  his  place  rather  than  prostitute  it. 

I  wish  to  wait  a  little  while  until  the  smoke  blows  off,  be 
fore  doing  any  thing  very  decisive.  In  the  mean  time  I  wish 
you  would  keep  within  your  income  —  and  bring  the  State 

1  Thomas  Ritchie,  editor  of  the  Richmond  Enquirer.  For  Ritchie's  actions 
during  these  years  see  the  admirable  Life  by  Professor  Ambler. 

2  Cf.  Houston,  David  F.,  Critical  Studies  of  Nullification  in  South  Carolina 
(Harvard  Historical  Studies,  vol.  m,  1896),  pp.  128-130,  149;  Phillips,  Ulrich  B., 
Georgia  and  State  Rights  (American  Historical  Association,  Annual  Report,  1901, 
vol.  n). 


"To  'Thomas  Cooper  213 

Banks  in  debt  to  you:  and  for  the  present  it  is  better  that  you 
should  do  it  —  than  that  I  should  say  it:  for  when  once  we 
begin,  we  shall  have  many  things  to  do,  which  will  crush  the 
Kitchen  Cabinet  at  once 

BIDDLE  TO  SAMUEL  SWARTWOUT  * 

(confidential)  Philada.  July  30  1833 

Dear  Sir 

A  friend  of  mine  and  Mr  Duane's  asked  me  two  days 
ago  if  there  was  any  body  in  New  York  to  whom  I  could 
recommend  Mr.  Duane,  so  that  he  might  not  be  deceived  and 
see  things  with  his  own  eyes.  I  said  that  you  were  the  very- 
man.  I  have  had  no  opportunity  of  seeing  my  friend  since,  to 
ascertain  whether  he  had  mentioned  your  name  to  Mr.  Duane. 
Whether  he  did  or  did  not  however,  you  have  the  means  of 
doing  much  good  by  frank  communications  with  Mr.  D.  He 
I  believe  knows  and  feels  that  the  toils  of  these  gamblers  are 
spread  for  him,  and  he  ought  to  be  helped  in  his  honest  efforts 
to  disentangle  himself.  If  these  practices  could  once  be  brought 
home  to  a  gang  so  as  to  satisfy  the  President  and  Secretary 
of  their  schemes,  the  country  might  be  much  benefitted 

BIDDLE  TO  THOMAS  COOPER 

Phila.  July  31st.  1833. 
Dear  Sir 

.  .  .  There  is  at  this  moment  a  strange  scene  before 
our  eyes  here.  Mr.  Duane,  after  much  solicitation  and  with  an 
unaffected  hesitation  accepted  the  place  of  Secretary  —  but 
he  took  it  entirely  untrammelled  &  unpledged.  He  had  been  a 

1  For  Swartwout's  activities  during  these  years,  cf .  Fish,  Carl  R.,  The  Civil  Serv 
ice  and  the  Patronage  (Harvard  Historial  Studies,  vol.  xi,  1905),  pp.  114,  121,  139. 


214    Correspondence  of  Nicholas  Biddle 

little  time  in  Office  when  he  was  required  to  concurr  in  the 
schemes  of  Jackson  and  the  Kitchen  Cabinet  against  the 
Bank  by  withdrawing  the  deposits.  This  he  refused.  A  mis 
sion  has  accordingly  been  set  on  foot  to  make  arrangements 
with  the  State  Banks  to  do  the  duties  now  performed  by  the 
Bank  of  the  U.S.  so  as  to  deprive  Mr.  Duane  of  the  objection 
that  the  change  would  incommode  the  public  business.  Of 
this  mission  Amos  Kendall  is  the  plenipotentiary,  and  he  is 
expected  here  to-day.  If  he  succeeds  the  attack  will  be  re 
sumed  on  Mr.  Duane.  But  that  gentleman  will  I  am  satisfied 
refuse,  as  he  has  already  done.  He  will  take  a  decided,  firm, 
manly  stand,  and  will  leave  his  place  rather  than  prostitute 
it.  This  will  introduce  a  new  state  of  things.  The  Kitchen 
Cabinet  is  already  against  Mr.  Duane  &  will  endeavor  to  ex- 
/pel  him  —  but  if  he  is  only  firm  as  I  rely  on  his  being,  he  may 
I  do  much  to  break  up  this  nest  of  gamblers.  The  result  will  be 
\soon  known.  In  the  mean  time  I  think  we  may  be  sure  that 
Mr.  Duane  will  be  in  flagrant  opposition  to  the  Kitchen  Cabi 
net,  that  he  has  already  refused,  and  will  continue  to  refuse  to 
yield  to  them.  .  .  . 

BIDDLE  TO  DANIEL  WEBSTER 

Phil3.  Aug  13.  1833. 
My  dear  Sir 

Altho'  we  do  not  feel  anxious  as  to  the  result  of  the 
movements  at  Washington  touching  the  Bank,  still  it  is 
thought  prudent  to  prepare  for  any  adverse  event  and  ac 
cordingly  we  have  this  day  given  instructions  to  the  Branches 
to  keep  their  discounts  at  their  present  amount  —  and  to 
shorten  the  time  for  which  they  buy  bills  of  exchange.  This 
will  make  the  institution  strong  &  if  any  sudden  movement 


70  Robert  Lenox  215 

is  attempted  by  the  Cabinet,  proper  or  improper,  we  shall 
be  ready.  This  will,  I  trust  be  temporary,  as  the  squall  may 
blow  over. 

BIDDLE  TO  THOMAS  COOPER 

Phil3  August  i6th  1833. 
My  dear  Sir 

.  .  .  This  I  know  is  their  design.  This  very  day,  a 
gentleman  in  whom  I  have  the  utmost  confidence,  repeated  to 
me  a  conversation  which  a  friend  of  his  had  with  Mr.  Wood- 
bury.  In  the  course  of  it,  the  latter  said,  "We  are  not  against 
a  bank,  but  against  the  Bank"  —  "We  went  (this  was  his 
precise  expression)  to  scrabble  for  the  Stock  and  to  have  the 
Offices."  "But,"  said  the  other,  "what  will  you  do  with  the 
constitutional  question?"  "Poh,"  said  Woodbury,  "that  we 
can  use  to  "suit  ourselves."  And  this  is  what  they  all  in 
tend.  I  do  not  believe  that  a  single  member  of  the  Cabinet 
has  any  constitutional  doubts  about  the  matter  except  Mr. 
Duane  —  and  he,  I  incline  to  think,  is  almost,  if  not  quite  as 
firm,  in  his  dislike  to  State  Banks.  He  is  entirely  and  cordially 
against  the  movement  of  Kendall  &  I  cannot  doubt  he  will 
resist  the  gamblers.  .  .  . 

BIDDLE  TO  ROBERT  LENOX 

Phila  Oct  Ist.  1833. 
My  dear  Sir 

I  have  received  this  morning  your  letter  of  the  3Oth 
ulto.  and  have  since  had  a  long  interview  with  Mr  Rathbone 
to  whom  I  explained  our  whole  situation  and  views  —  and 
to  whom  I  must  refer  you  for  more  particulars  than  I  have 
leisure  to  give. 


2 1 6     Correspondence  of  Nicholas  Bid  die 

After  a  great  deal  of  reflection,  we  are  all  satisfied  that  the 
best  thing  to  be  done  is  to  do  as  little  as  possible.1  The  ex 
change  operations  are  placed  by  the  resolutions  passed  to 
day  on  a  proper  footing.  We  do  not  give  any  instructions  as 
to  reducing  the  local  discounts,  but  we  shall  reduce  ours  at 
the  Bank,  and  if  you  can  gradually  diminish  yours  without  ex 
citing  uneasiness  among  our  customers  it  would  be  very  good 
policy.  Our  wish  is  not  to  give  an  order  to  that  effect  lest  it 
might  create  alarm,  but  to  do  it  quietly  and  imperceptibly. 

The  subject  which  has  given  us  more  anxiety  than  any  other 
is  the  treatment  of  the  Branch  notes.  We  are  now  satisfied 
that  our  best  plan  is  to  continue  to  receive  them  as  hereto 
fore  —  and  that  your  Office  should  do  the  same.  The  idea  we 
have  is  this.  The  balances  now  in  Bank  will  probably  be  ab 
sorbed  by  the  disbursements  of  the  Government  and  in  the 
mean  time  the  accruing  revenue  will  be  left  with  the  new  re 
ceiving  Banks.  There  it  may  accumulate,  and  masses  of  it 
may  be  held  sufficient  to  incommode  some  of  the  smaller 
Branches,  to  whom  it  may  be  suddenly  sent.  It  is  better  for 
us  therefore  to  absorb  it  —  if  we  can  —  until  the  measures 
in  operation  at  the  Branches  will  reduce  their  issues  so  much 
as  to  make  them  not  trouble  us. 

The  closing  of  the  mail  so  soon  obliges  me  to  stop. 

DANIEL  WEBSTER  TO  BIDDLE 

Private  Boston  Oct.  29.  1833 

Dear  Sir, 

I  write  this  letter,  as  a  private  one,  &  for  the  purpose 
of  inquiring  whether  the  course  for  the  adoption  of  the  Bank 
is  yet  settled.  The  removal  of  the  Deposites  is  a  question  of 

1  This  letter  follows  Secretary  Taney's  order  for  the  removal  of  the  deposits. 


From  Samuel  Swartwout        217 

great  interest  to  the  Government,  &  as  such  will  doubtless  at 
tract  the  attention  of  Congress.  It  is,  also,  a  matter  of  mo 
ment  to  the  Bank,  as  one  part  of  their  Charter.  In  this  point  of 
view,  it  becomes  a  question  whether  the  Bank  should  not  lay 
the  transaction  of  removing  the  Deposites,  before  Congress. 
This,  I  have  no  doubt,  you  have  already  considered. 

SAMUEL  SWARTWOUT  TO  BIDDLE    ^ 

N  York  23  Nov.  1833 
My  dear  Sir, 

I  have  this  moment  read  your  kind  letter  of  yesterday, 
and  am  bound  to  acknoledge  that  I  do  not  deserve  your  sup 
port  in  the  way  proposed,  for,  from  the  immensely  increasing 
commerce  of  this  place,  the  Collector's  duties  have  so  much 
increased,  that  it  is  quite  impossible  for  him  to  attend  to  the 
duties  of  a  Director.  Hence,  it  would  be  improper  for  me  to 
accept  it.  I  am  nevertheless  greatly  obliged  by  your  kind 
offer  &  tender  you  very  grateful  thanks  for  it. 

Permit  me  in  this  letter  to  say  a  word  on  the  subject  of' 
the  present  money  pressure.  It  is  dreadful  here  and  no  hope 
of  relief  excepting  thro  your  Institution.  You  must  be  liberal 
and  that  to  a  great  extent  or  you  will  destroy  your  friends, 
those  who  have  hitherto  sustained  your  cause  and  defended 
your  course.  Let  me  interest  you  to  take  this  course,  it  is  due 
to  your  numerous  friends  and  the  public  at  large  would  give 
your  Institution  credit  for  it.  Now  that  the  effect  of  the  late 
measure  has  been  made  manifest,  you  can  relieve  the  whole 
community  and  rely  upon  it  you  would  recive  due  credit  & 
consideration  for  it.  I  speak  to  you,  my  dear  Sir,  with  the 
freedom  of  a  friend.  Would  to  God  the  Bank  would  take 
a  noble,  liberal  course  and  thus  justify  itself  to  the  world. 


2 1 8     Correspondence  of  Nicholas  Biddle 

I  Nothing  but  extensive  discounts,  by  your  Institution  can  save 
I  your  friends  &  the  public  in  general.  All  the  blame  that  has 
V  hitherto  been  cast  upon  you  would  be  turned  to  commenda 
tion.  The  old  friends  and  dependents  of  the  Bank  are  perish 
ing  for  want  of  aid.  Surely  the  Institution  cannot  mean  this  ? 
Rely  upon  it,  my  dear  Sir,  that  [if]  the  Bank  and  its  Branches 
were  now  to  open  the  door  to  the  Commercial  Community,  it 
would  make  more  friends  than  it  ever  had.  Its  power  has 
rbeen  shown,  now  let  its  mercy  be  manifested.  The  commu- 
)  nity  is  precisely  in  the  situation  to  be  most  affected  &  most 
Mavourably  too,  by  such  a  course.  .  . 

DANIEL  WEBSTER  TO  BIDDLE 

Washington  Decr.  21.  1833 
Sir 

Since  I  have  arrived  here,  I  have  had  an  application  to 
be  concerned,  professionally,  against  the  Bank,  which  I  have 
declined,  of  course,  although  I  believe  my  retainer  has  not 
been  renewed,  or  refreshed  as  usual.  If  it  be  wished  that  my 
relation  to  the  Bank  should  be  continued,  it  may  be  well  to 
send  me  the  usual  retainers. 

HENRY  CLAY  TO  BIDDLE 

(Confidential)  Washington  21st.  Dec.  1833. 

My  dear  Sir 

...  If  the  state  of  public  opinion  at  Philad.  should  be 
such  as  to  favor  the  operation,  it  would  be  well  to  have  a 
general  meeting  of  the  people  to  memorialize  Congress  in 
favor  of  a  restoration  of  the  deposites.  Such  an  example  might 
be  followed  elsewhere;  and  it  would  be  more  influential  as 
it  might  be  more  general. 


"To  William  Appleton          2 1 9 

If  the  local  Banks  could  be  induced  to  concur  in  such  a 
movement  so  much  the  better. 

I  think  it  would  be  expedient  to  obtain,  at  the  general 
meeting  of  the  Stockholders  in  Jan.  an  expression  of  their  ap 
probation  of  the  conduct  of  the  Board,  and  particularly  of 
the  expenditure  which  has  been  made  in  defending  the  Bank 
agl.  unfounded  attacks. 

We  have  before  the  Senate  a  nomination  of  the  Gov*  Di 
rectors. 

BIDDLE  TO  WILLIAM  APPLETON  1 

(private)  B.  U  S 

Jany  27th  1834 
Dear  Sir 

.  .  .  My  own  view  of  the  whole  matter  is  simply  this. 
The  projectives  of  this  last  assault  on  the  Bank  regret,  and 
are  alarmed  at  it  —  but  the  ties  of  party  allegiance  can  only 
be  broken  by  the  actual  conviction  of  existing  distress  in  the 
community.  Nothing  but  the  evidence  of  suffering  abroad 
will  produce  any  effect  in  Congress.  If  the  Bank  remains 
strong  &  quiet,  the  course  of  events  will  save  the  Bank  & 
save  all  the  institutions  of  the  country  which  are  now  in  great 
peril.  But  if,  from  too  great  a  sensitiveness  —  from  the  fear 
of  offending  or  the  desire  of  conciliating,  the  Bank  permits 
itself  to  be  frightened  or  coaxed  into  any  relaxation  of  its 
present  measures,  the  relief  will  itself  be  cited  as  evidence 
that  the  measures  of  the  Gov*.  are  not  injurious  or  oppres 
sive,  and  the  Bank  will  inevitably  be  prostrated.  Our  only 
safety  is  in  pursuing  a  steady  course  of  firm  restriction  — 
and  I  have  no  doubt  that  such  a  course  will  ultimately  lead  to 

1  President  of  the  Branch  at  Boston. 


22O 


Correspondence  of  Nicholas  Eiddle 


restoration  of  the  currency  and  the  recharter  of  the  Bank.  How 
soon  this  will  take  place,  it  is  of  course  difficult  to  conjecture 
—  but  I  have  little  apprehension  as  to  the  ultimate  result. 

HENRY  CLAY  TO  BIDDLE 

(Confidential)  Washington  2d.  Feb.  1834 

My  dear  Sir 

.  .  .  My  opinion  is  that  no  movement  should  yet  be 
made  towards  a  renewal  of  the  Charter,  or  the  establishment 
of  a  New  Bank.  The  Bank  ought  to  be  kept  in  the  rear;  the 
usurpation  in  the  front.  If  we  take  up  the  Bank,  we  play  into 
the  adversary's  hands.  We  realize  his  assertions  that  the  only 
question  is  a  renewal  of  the  Charter.  It  is  the  usurpation 
which  has  convulsed  the  Country.  If  we  put  it  by  and  take 
up  the  Bank,  we  may  &  probably  would  divide  about  the 
terms  of  the  charter,  and  finally  do  nothing  leaving  things  as 
they  are.  In  the  other  course,  the  recharter  will  follow.  The 
Country  will  take  care  of  that. 

HORACE  BINNEY  1  TO  BIDDLE 

Washington  4  Feb.  1834 
dear  Sir, 

I  write  rather  at  the  instance  of  Mr  Webster  than  at 
my  own  motion.  He  seems  to  think  that  the  Bank  ought  to 
reduce  as  slowly  &  moderately  as  they  can  —  &  occasionally 
to  ease  off  —  where  it  is  requisite  to  prevent  extreme  suffer 
ing.  I  told  him  that  I  supposed  that  the  Bank  meant  to  wind 
up,  as  a  matter  of  necessity,  arising  from  the  hostility  of  the 
Treasury  to  them —  and  that  if  any  thing  was  said  by  a  friend 
of  the  currency,  in  regard  to  the  BK  reductions,  it  ought  to 

1  Binney  had  been  sent  to  Washington  to  carry  on  the  struggle  for  recharter. 


"To  Joseph  Hopkinson 


221 


be  said,  with  the  remark  that  this  was  the  necessary  course 
of  the  Bank.  His  apprehension  seemed  to  be,  that  the  Admin 
was  setting  into  action  a  strong  sentiment  of  opposition  to  the 
Bank,  on  account  of  the  reductions,  &  that  it  was  desirable  to 
meet  it,  either  by  declarations  from  the  Bank  of  interested 
moderation,  or  something  to  that  effect.  My  only  remark  to 
yourself  is  that  I  suppose  the  Board  &  yourself  are  the 
best  judges.  .  .  . 

BIDDLE  TO  JOHN  G.  WATMOUGH 

Phila  Feby  8.  1834 
My  dear  Sir 

.  .  .  You  know  better  than  I  do  what  is  to  happen  in 
Washington.  What  will  happen  in  the  Country  unless  Con 
gress  interposes,  is  but  too  manifest  —  the  whole  future  is  full 
of  gloom  and  confusion.  My  own  course  is  decided  —  all  the*s 
other  Banks  and  all  the  merchants  may  break,  but  the  Bank    \ 
of  the  United  States  shall  not  break.  I  have  asked  Com6. 
Biddle  what  is  the  least  sail  under  which  a  man  of  war  can  -" 
lie  to  in  a  gale  of  wind,  and  he  says  a  close  reefed  main  top 
sail.  So  our  squadron  will  all  be  put  under  close  reefed  main 
top  sails  and  ride  out  the  gale  for  the  next  two  years.  As  to 
those  who  have  no  sea  room  &  breakers  under  their  lee,  they 
must  rely  on  Providence  or  Amos  Kendall. 

BIDDLE  TO  JOSEPH  HOPKINSON  l 

Phila.  Feby  21st  1834 
My  dear  sir 

I  have  to  thank  you  for  four  letters,  all  very  interest- 

1  Distinguished  lawyer  of  Philadelphia.  Judge  of  the  United  States  Court, 
Eastern  District  of  Pennsylvania,  1828-1842. 


222     Correspondence  of  Nicholas  Biddle 

ing  &  very  welcome.  The  last  only  requires  any  answer  &  that 

I  will  give  very  explicitly.  You  may  rely  upon  it  that  the 

Bank  has  taken  its  final  course  and  that  it  will  be  neither 

/frightened  nor  cajoled  from  its  duty  by  any  small  drivelling 

gjpout  relief  to  the  country.  All  that  you  have  heard  on  that 

subject  from  New  York  is  wholly  without  foundation.  The 

relief,  to  be  useful  or  permanent,  must  come  from  Congress  & 

from  Congress  alone.  If  that  body  will  do  its  duty,  relief  will 

come  —  if  not,  the  Bank  feels  no  vocation  to  redress  the 

wrongs  inflicted  by  these  miserable  people.  Rely  upon  that. 

This  worthy  President  thinks  that  because  he  has  scalped 

Indians  and  imprisoned  Judges,  he  is  to  have  his  way  with 

[the  Bank.1  He  is  mistaken  —  and  he  may  as  well  send  at 

Lance  and  engage  lodgings  in  Arabia  .  .  . 

JOHN  SERGEANT  TO  BIDDLE 

(Private)  Washington,  Feb.  27.  1834 

My  dear  Sir, 

The  first  thing  of  real  importance  I  have  heard  since 
I  came  here  was  communicated  this  morning  by  Mr.  Cal- 
houn.  He  asked  me  whether  I  had  heard  any  thing  from 
Mr.  Southard.  I  told  him  no.  Well,  he  said,  there  is  a  letter 
from  Mr.  S.  in  which  he  states  as  follows  —  Tliat  on  his  way 
to  Baltimore  (on  Tuesday)  a  New  York  Jackson  man  said 
to  him,  "As  you  are  going  from  Washington,  I  will  tell  you 
what  I  would  not  have  told  you  there.  We  (meaning  himself 
and  some  of  his  friends  from  New  York)  have  been  talking 
with  the  President  about  the  great  and  increasing  distress, 

.  l  Biddle  was  urged  by  numerous  friends  not  to  give  in  to  the  administra- 
tion.  Many  of  his  New  York  correspondents  assured  him  that  the  Regency  had 
been  destroyed  and  that  Jacksonism  was  dead  in  their  state. 


From  John  Sergeant  223 

and  endeavouring  to  convince  him  that  this  state  of  things 
cannot  continue — that  some  thing  must  be  done.  He  (Presi 
dent)  admitted  he  had  heard  some  thing,  but  by  no  means 
to  the  extent  we  stated,  of  which  he  seemed  to  have  no  idea. 
The  result  was  that  the  President  drew  up  some  questions 
for  his  cabinet,  who  were  to  deliberate  upon  what  was  to  be 
done."  As  Mr.  Southard  has  been  in  Philad3.  you  will  prob 
ably  have  heard  all  this,  and  heard  it  more  accurately.  The 
further  fact,  stated  by  M.  Calhoun,  is  material,  that  there 
are  daily  meetings  of  the  cabinet.  He  told  me  this  yesterday, 
and  then  thought  they  were  about  changes  in  the  adminis 
tration.  To  day,  he  thinks  they  are  upon  the  subject  of  the 
New  Yorker's  conversation,  and  considering  the  question 
"What  is  to  be  done."  If  they  have  come  to  that  point,  we 
shall  soon  see  some  movement.  Strange  as  it  may  seem,  I 
should  not  be  at  all  surprized  if  Mr.  Taney  were  to  give 
up  the  Treasury,  and  some  one  else  (perhaps  Forsyth)  take 
his  place.  In  such  an  event  we  shall  see  a  very  queer  game 
played.  Gen1.  Jackson  will  look  at  the  matter,  as  he  does  at 
every  thing,  singly  with  reference  to  himself,  and  will  make 
any  sacrifice  that  may  be  necessary  to  save  his  own  repu 
tation.  It  is  in  such  emergencies  that  his  greatest  skill  is 
exhibited,  and  it  is  quite  unrestrained  by  any  feeling  for 
others. 

Mr.  Calhoun  thinks  they  are  upon  a  question  of  a  new 
Bank.  If  any  project  should  be  brought  forward,  it  will  open 
the  way  for  Mr.  C.  to  bring  forward  his  plan  as  a  substitute. 
He  is  fully  aware  of  the  advantage  would  give  him  —  He 
is  at  this  time  the  most  confident  man  in  either  house.  He 
always  speaks  of  the  Administration  as  broken  down  and 
gone.  .  .  . 


224     Correspondence  of  Nicholas  Biddle 


BIDDLE  TO  SAMUEL  BRECK  1 

Phil3  March  Ist  1834 
My  dear  Sir 

I  have  received  today  your  favor  of  the  26th  inst. 
with  the  copy  of  the  Governor's  Message.2  I  regret  on  many 
accounts  that  paper.  It  will  prolong  the  distress  now  existing 
without  effecting  any  good  object,  and  it  is  melancholy  to  see 
a  Governor  of  Pennsylvania  thus  aiding  in  the  destruction  of 
Pennsylvania  interests.  What  makes  it  more  shocking  is,  that 
up  to  the  very  moment  of  sending  the  message,  those  who 
visited  him  left  him  under  the  strongest  conviction  that  he 
was  decidedly  friendly  to  the  Bank.  In  truth  he  ought  to  have 
been,  for  so  far  from  frustrating  his  loan,  the  Bank  actually 
furnished  to  Mess8.  Allen  the  means  of  paying  the  last  instal 
ment,  as  the  Governor  well  knew.  Of  the  effect  of  his  message 
on  the  Bank  and  upon  the  financial  concerns  of  Pennsa.  you 
will  form  some  idea  when  I  mention  to  you  the  following  fact 
which  is  a  little  singular. 

A  Committee  from  New  York  has  been  visiting  the  Bank 
for  the  purpose  of  procuring  some  relief  for  that  city  which 
would  of  course  have  reacted  on  our  own  State.  Yesterday  the 
Board  was  to  have  decided  it,  &  I  have  no  doubt  that  the  Bank 
would  have  made  an  effort  to  give  relief  —  but  when  we  saw 
the  Governors  message  —  saw  how  totally  useless  the  efforts 
of  the  Bank  had  been  to  sustain  the  credit  of  the  State  in 

1  A  merchant,  born  in  Boston,  1771,  and  died  in  Philadelphia,  1862.  He  was 
a  member  of  the  Pennsylvania  Legislature  many  years,  elected  as  a  Federalist  to 
the  1 8th  Congress  serving  from  December  I,  1823,  to  March  3,  1825;  wrote  an  his 
torical  sketch  on  Continental  paper  money  in  1843.  Cf.  Fisher,  J.  F.,  Memoirs  of 
Samuel  Breck  (Philadelphia,  1863). 

z  Governor  Wolf  denounced  the  Bank  in  his  message.  Cf.  Niles,  vol.  46, 
pp.  26,  27. 


To  Charles  Hammond         225 

appeasing  the  spirit  of  the  party  —  and  how  little  reliance 
could  be  placed  on  the  men  in  power,  we  determined  that  it 
was  in  vain  to  make  an  effort  —  and  accordingly,  instead 
of  sending  the  relief  expected,  we  wrote  to  the  New  York 
Committee  that  the  conduct  of  the  Governor  of  Pennsylvania 
obliged  the  Bank  to  look  to  its  own  safety,  and  that  therefore 
we  declined  doing  any  thing  at  present. 

So  much  for  the  first  effect  of  the  Governors  patriotism 

BIDDLE  TO  CHARLES  HAMMOND  x 

Phil3.  March  II.  1834 
Dear  Sir 

.  .  .  Your  remarks  in  regard  to  the  proposed  reduc 
tion  of  the  loans  at  Cincinnati  have  been  read  with  great 
attention  and  interest.  Situated  as  the  Bank  has  been  for 
some  time  past,  its  first  object  was  necessarily  its  own  pro 
tection,  for  in  its  safety  the  whole  ultimate  security  of  the 
currency  must  be  found.  This  we  have  striven  to  accomplish 
with  the  least  possible  pressure  on  the  community  —  and 
thus  far  the  reductions  compared  with  the  deposits  are  so 
small,  that  our  friends  rather  reproach  us  with  not  having 
done  enough,  than  to  have  curtailed  excessively.  The  de 
posit  Banks  being  now  in  full  possession  of  the  public  reve 
nue  may  employ  it  in  discounts  and  leave  the  Bank  of  the 
United  States  the  opportunity  of  gently  diminishing  its  busi 
ness.  That  with  so  wide  a  circulation  as  18  or  19  millions 
which  the  receipts  of  the  public  revenue  may  place  in  the 
hands  of  officers  who  know  that  no  service  more  acceptable 

1  Distinguished  lawyer  and  journalist  of  Cincinnati.  He  became  associated 
with  the  editorial  staff  of  the  Cincinnati  Gazette  in  1823  and  in  1825  was  made  edi 
tor  in  chief.  Cf.  sketch  of  life  in  Greve,  Charles  T.,  Centennial  History  of  Cincinnati 
(Chicago,  1914),  vol.  i,  pp.  805,  806. 


226     Correspondence  of  Nicholas  Eiddle 

can  be  rendered  than  to  employ  the  funds  in  injuring  the 
Bank,  and  so  many  vulnerable  points  to  protect,  we  shall 
deem  it  expedient  to  reduce  the  present  amount  of  our  loans, 
cannot  be  doubted.  The  Executive,  by  removing  the  public 
revenues  has  relieved  the  Bank  from  all  responsibility  for  the 
currency,  and  imposed  upon  it  a  necessity  to  look  primarily 
to  the  interest  of  the  Stockholders  committed  to  our  charge. 
Our  friends  must  therefore  bear  with  us,  if  in  the  midst  of 
the  present  troubles,  we  should  endeavor  to  strengthen  the 
Bank  so  as  to  make  it  able  here  after  to  interpose  effectively 
for  the  relief  of  the  Country.  .  .  . 

BIDDLE  TO  SAMUEL  JAUDON 

Phila  March  n.  1834 
My  dear  sir 

I  received  this  morning  your  letter  of  the  9th  &  read 
with  great  interest  all  its  details.  You  and  our  friend  Mr 
Chauncey  *  now  understand  so  well  the  whole  ground  that 
I  shall  join  you  in  any  opinion  which  you  may  ultimately 
adopt.  Let  us  go  for  the  practical.  If  we  can  get  a  permanent 
charter,  let  us  do  so  —  if  not,  let  us  take  the  temporary  & 
make  it  permanent  hereafter.  Above  all,  let  us  do  something 
soon.  The  country  now  wants  something  to  rally  to  —  it  re 
quires  some  point  on  which  to  concentrate  its  thoughts.  In 
the  present  fusion  of  opinions,  a  stamp  may  be  impressed, 
which  will  hereafter  be  more  difficult  as  men's  minds  cool. 

I  go  tomorrow  to  New  York  to  see  into  the  real  state  of 
things. 

1  Owner  of  Fenno's  old  paper,  the  United  States  Gazette.  Cf.  Oberholtzer,  op. 
cit.,  vol.  II,  pp.  112,  113. 


70  S.  H.  Smith  227 

JAMES  WATSON  WEBB  TO  BIDDLE 

Washington  D.C 

March  i8th.  1834. 
Dear  Sir 

I  enclose  you  a  letter  this  day  from  my  assistant  Edi 
tor  in  relation  to  the  Money  Market.  It  is  the  universal  opin 
ion  of  our  friends  here,  that  the  recharter  of  the  Bank  will 
depend  to  a  great  extent,  upon  the  result  of  the  approaching 
election  in  New  York;  &  I  assure  you  that  result,  depends 
upon  the  course  of  the  Bank.  If  you  extend,  or  if  you  do  not 
curtail,  and  largely  too,  you  must  &  will  lose  the  election; 
&  I  must  say  in  the  spirit  of  frankness,  that  your  friends  in 
New  York  &  in  Congress  loudly  complain  that  you  are  con 
tinually  putting  them  in  the  wrong  by  granting  relief  and 
thereby  rendering  their  prediction  perfectly  futile.  Mr.  Mar 
tin  —  late  of  our  State  —  said  this  morning  that  many  of  his 
associates  in  the  House  feel  very  sore  on  this  Lead,  and  begged 
that  when  I  saw  you  I  would  say  that  to  retain  the  friends  it 
has,  the  Bank  must  persevere  in  its  curtailments.1  .  .  . 

BIDDLE  TO  S.  H.  SMITH  z 

(private  &  confidential)  B  U.  S. 

April  2nd.  1834 
Dear  sir  t 

I  have  had  the  pleasure  of  receiving  your  favor  of  the 
3Oth  inst.  which  I  deemed  so  important,  that  before  answering 
it,  I  consulted  the  Board  at  their  meeting  yesterday  in  the 
same  confidential  manner  in  regard  to  the  subject  of  it.  It  is, 

1  Biddle  received  many  solicitations  from  his  friends  in  the  same  tenor  as 
this  letter. 

*  President  of  the  Branch  at  Washington,  D.C. 


228    Correspondence  of  Nicholas  Eiddle 

as  you  are  aware,  a  very  delicate  subject,  one  of  which  it  is 
very  difficult,  and  yet  very  necessary,  to  decide  in  advance, 
on  the  best  course  to  be  pursued.  The  opinion  of  the  Board, 
which  has  my  own  entire  concurrence,  is  this. 

The  Bank  of  the  United  States  has  been  compelled  in  self 
defence  to  diminish  its  business  and  call  upon  its  debtors,  and 
refuse  to  make  loans  to  a  very  considerable  amount.  It  is  still 
doing  so  —  and  shall  do  so  for  some  time.  If  it  had  the  means 
of  lending,  it  would  lend  to  its  own  customers.  The  State 
Banks  have  all  had  the  same  warning  —  and  should  prepare 
themselves  in  the  same  way  —  nor  is  it  just  that  these  Banks 
should  call  upon  the  Bank  of  the  U  S.  for  the  funds  which  it 
has  been  husbanding  for  itself.  If  it  is  not  just,  neither  is  it 
safe.  If  there  be  trouble  among  the  Banks,  the  only  security 
is  the  Bank  of  the  U.  S.  It  holds  its  power  as  a  trust  for  the 
ultimate  protection  of  our  banking  system,  the  fate  of  which 
seems  involved  in  that  of  the  Bank  of  the  U.S.  and  if  we  be 
gin  by  venturing  prematurely  to  the  support  of  institutions 
which  may  be  embarrassed,  we  may  ourselves  become  too 
much  weakened  to  make  decisive  efforts  at  a  later  stage  of 
the  disasters  which  are  coming. 

Under  these  impressions,  the  Board  have  declined  invari 
ably  for  some  time  past  numerous  applications  for  loans  from 
Banks.  They  think  it  decidedly  best  to  abstain  from  making 
such  loans.  They  think  also  that  it  is  expedient  to  abstain 
from  all  pledges  or  promises  of  support  to  the  Banks.  We 
/  know  not  how  far  such  engagements  may  lead  us  —  and 
until  the  Bank  is  strong  enough  to  make  some  general  move- 
\   ment  for  the  benefit  of  the  country:  were  [such]  palliatives 
\would  rather  endanger  us  than  do  permanent  benefit  to 
them.  We  have  been  very  anxious  to  make  you  strong — • 


To  S.  H.  Smith  229 

and  are  very  desirous  that  you  should  continue  so  —  for 
which  reason,  we  wish  the  Office  to  avoid  every  engagement 
that  would  commit  its  funds.  ...  In  fact,  the  examination  of 
the  subject  to  which  your  letter  has  given  rise,  has  brought  to\ 
my  notice  the  circumstance  that  I  have  inadvertently  omitted! 
to  apprize  you  of  the  wish  of  the  Bank  on  the  22nd  of  January  \ 
last  that  you  should  bring  your  loans  down  fifty  thousand  dol 
lars  below  the  amount  at  which  they  were  fixed  in  October —  / 
and  I  mention  it  now  to  show  you  that  we  have  looked  to  a/ 
reduction  rather  than  an  expansion  of  your  business.  On  the 
whole  we  should  much  prefer  that  you  avoid  all  engagements 
either  for  general  or  particular  support  of  the  Banks. 

In  respect  to  the  balances  too,  we  are  anxious  that  they 
should  not  be  suffered  to  accumulate  —  particularly  as  the 
want  of  confidence  among  the  State  Banks  may  make  the  \ 
Office  the  depository  of  their  notes.  Neither  the  notes  nor  the  \ 
balances  should  remain  long.  The  explosion  of  the  Bank  of 
Maryland  found  this  Bank  (at  Phila)  in  possession  of  $21,000  / 
of  its  notes  —  and  we  shall  in  consequence  pursue  a  course/ 
of  more  frequent  settlements  with  the  State  Banks. 

I  wish  it  were  in  my  power  to  say  that  we  might  relieve  the\  \ 
wants  of  the  Banks  near  you.  But  I  much  fear  that  we  could  }    J 
not  do  much  ultimate  good  —  and  at  the  present  momen>Xy/ 
we  must  avoid  diminishing  our  means,  so  as  to  keep  thein 
unbroken  when  they  may  hereafter  be  most  needed. 

BIDDLE  TO  S.  H.  SMITH 

(confidential}  Phila  April  II.  1834 

My  dear  sir 

The  failure  of  the  Bank  of  Washington  confirms  the 
opinion,  entertained  by  you  in  regard  to  the  District  Banks 


230    Correspondence  of  Nicholas  Riddle 

t  —  and  I  think  renders  more  and  more  expedient  the  course 
*  recommended  in  my  last.  The  Bank  has  been  obliged  to  day 

to  decline  the  same  kind  of  assistance  to  a  Bank  in  Baltimore. 

It  becomes  us  to  be  specially  careful  of  the  Institution  at  the 

present  moment,  and  that  care  I  am  sure  you  will  always 

bestow. 

THOMAS  COOPER  TO  BIDDLE 

Columbia  S.  Carolina 

May  i.  1834. 
Dear  Sir 

The  talking  will  go  on  in  Congress  till  nothing  is  done 
and  the  members  and  the  public  become  weary.  In  that  case, 
Jackson  will  hold  firm  grasp  of  the  public  monies,  and  set  the 
opposition  at  defiance.  I  have  written  to  suggest  a  resolution, 
that  no  Appropriation  bill  be  passed  till  Congress  shall  have 
provided  by  law  for  some  safe  deposit  of  the  public  monies, 
out  of  the  controul  of  the  President.  ' 

I  now  venture  to  suggest,  whether  in  New  York  and  Phila 
delphia,  a  resolution  might  not  be  gotten  up,  to  stop  the  cus 
tom  house  collections,  in  case  Congress  breaks  up,  and  leaves 
them  in  Jackson's  power.  Is  there  any  other  possible  plan 
that  will  be  efficient?  I  think  the  mercantile  Interests  maybe 
brought  to  do  it.  If  Jackson  obtains  controul  of  the  revenue 
we  are  defeated,  and  nothing  but  extensive  bloodshed  will 
preserve  us  from  a  permanent  disposition.  Assuredly,  our 
present  war  of  resolutions  and  proclamations  will  do  us  but 
little  good.  .  .  . 

I  observe,  all  our  delegation,  Pinckney,  Clowney,  speak 
of  your  Bank  in  terms  of  highest  respect,  and  wd.  willingly 
vote  for  an  alteration  of  the  Constitution  in  its  favour: 


To  John  S.  Smith  231 

but  unless  the  north  under  Webster  coalesce  with  Calhoun,1 
nothing  will  be  done  this  session,  if  at  all.  If  Jackson  seizes 
the  revenue  in  spite  of  the  Senate,  and  in  defiance  of  a  re 
jection  of  the  appropriation  bill,  the  game  is  up,  for  he  has 
the  means  and  the  inclination  of  buying  up  not  merely  politi 
cal  but  military  adherents ;  and  half  measures  will  only  plunge 
us  deeper  into  the  whirlpool  destined  to  absorb  what  little 
of  freedom  remains.  Adieu. 

BIDDLE  TO  JOHN  S.  SMITH 

Phila  May  9,  1834 
Dear  sir 

I  have  had  the  pleasure  of  receiving  your  favor  of  the 
5th  inst.  and  shall  answer  it  cheerfully.  And  yet  it  is  difficult 
to  answer  with  certainty.  The  question  you  propose  is  "will 
"  relief  be  afforded  to  the  country  by  a  restoration  of  the  de- 
" posits  to  the  B.U.S.  and  of  harmony  between  it  and  the 
"Treasury,  and  this  unconnected  with  the  question  of  the 
"  recharter."  Now  the  mere  deposit  of  accruing  revenue  in  the 
Bank  would  not  of  itself  justify  any  immediate  expansion  of 
the  loans,  unless  taken  as  an  evidence  of  a  change  of  opinions 
or  of  feelings  toward  the  Bank  on  the  part  of  those  who  gov 
ern  at  Washington.  If  there  was  a  cordiality  there  —  if  there 
was  merely  a  concession  of  the  deliberate  efforts  to  destroy  V 
the  Bank  which  has  been  made  for  several  years  past,  the  \ 
Bank  might  be  disposed  to  venture  much  to  produce  relief^ 
At  the  same  time  the  question  of  real  and  permanent  stabil 
ity  to  the  currency  is  in  fact  the  question  of  the  recharter  of 
the  Bank  —  and  I  am  satisfied  that  any  thing  short  of  this 

1  Calhoun's  and  Webster's  plans  are  given  in  full  in  Cong.  Doc.,  vol.  x,  pt.  I, 
pp.  1004,  1005,  1067,  1068. 


232     Correspondence  of  Nicholas  Bid  die 

can  produce  only  partial  and  temporary  effects.  I  wish  that 
something  were  done  soon,  for  before  long  the  evils  will  grow 
entirely  beyond  our  control.  For  five  or  six  months  past  the 
Bank  has  been  exerting  itself  to  save  Individuals  and  the 
State  Banks,  and  but  for  its  interposition  the  evils  would 
have  fallen  upon  the  country  with  ten  fold  severity.  These 
efforts  however  have  a  natural  end  —  and  then,  when  the 
r^feveral  hundred  State  Banks  are  left  to  themselves,  the  con- 
jfusion  will  before  long  [be]  irretrievable.  This  Bank  is  now 
very  strong  —  and  shall  be  kept  so  —  it  must  be  beyond  the 
reach  of  any  possible  risk,  so  as  to  interpose  hereafter  when 
the  confusion  is  no  longer  sufferable.  Till  then  it  must  re 
tain  a  position  of  calm  and  quiet  strength  —  and  look  on 
anxiously  but  immovably.  It  will  before  long  have  in  its 
vaults  nearly  one  dollar  in  specie  for  every  dollar  of  its  notes 
in  circulation. 

My  impressions  then  are  these: 

If  the  Bank  Charter  were  renewed  or  prolonged  —  I  be 
lieve  the  pecuniary  difficulties  of  the  country  would  be  im 
mediately  healed. 

If  the  deposits  were  restored  and  the  Bank  had  a  rea 
sonable  prospect  of  not  being  obliged  to  draw  in  its  loans 
soon  after  it  had  made  them,  I  think  the  Bank  would 
make  an  effort  to  relieve  the  country,  and  with  the  Execu 
tive  friendly  or  not  hostile,  would  I  think  succeed  in  the 
attempt. 

If  the  deposits  were  merely  restored  and  the  Executive 
continues  its  efforts  to  destroy  the  Bank  —  the  institution 
could  not  either  safely  or  wisely  change  its  present  system, 
which  is  that  of  a  gentle  reduction  preparatory  to  closing  its 
concerns. 


To  ft.  M.  Blatchford          233 

You  will  see  in  the  frankness  of  these  expressions  the  evi-\\ 
dence  of  my  confidence  in  your  discretion  and  my  expecta-  )   1 
tion  that  you  will  consider  them  as  for  yourself  alone         -&^ 

BIDDLE  TO  R.  M.  BLATCHFORD  1 

Phila  June  4th  1834 
Dear  Sir 

...  In  respect  to  the  other  subject  of  your  letter,  you 
will  I  think  readily  understand  the  position  of  the  Bank.  Be 
lieving  as  we  do  that  the  whole  support  of  the  currency  must 
devolve  on  the  B.U.S.  and  seeing  as  we  think  we  do,  that 
the  disorders  and  troubles  are  but  beginning,  our  great  effort 
is  to  make  the  Bank  not  merely  strong,  but  entirely  beyond 
the  reach  of  those  who,  under  the  name  of  the  Gov1.  are 
seeking  its  destruction  In  this  operation  the  State  Banks 
fall  in  debt.  Now  we  must  either  settle  with  these  Banks  or 
let  the  debt  increase  'till  it  may  grow  entirely  beyond  our 
control  and  beyond  their  means  of  payment.  This  is  wrong 
in  two  respects  —  first,  —  because  it  is  not  just  to  the  Stock 
holders  of  the  B.U.S.  to  give  to  others  the  gratuitous  use  of 
so  large  a  portion  of  their  capital  —  and  second  —  because 
these  large  balances  may  become  unsafe.  For  example,  the 
Banks  of  the  City  of  New  York  owe  to  the  Branch  Bank 
$700,000.  Why  should  they  be  allowed  to  owe  that  sum?  — 
and  what  will  become  of  the  debt  if  it  be  permitted  to  in 
crease  as  it  probably  will  to  twice  that  sum?  I  believe  that 
the  State  Banks  themselves  will  be  benefitted  by  the  re 
straint  of  being  obliged  to  settle  and  so  accommodate  their 

1  Distinguished  lawyer  in  New  York,  father  of  the  late  Justice  Samuel 
Blatchford,  counsel  for  the  Bank  of  the  United  States  in  New  York,  and  great 
friend  of  Nicholas  Biddle.  Cf.  sketch  of  life  in  Wilson,  op.  cit.,  vol.  in,  p.  490;  vol. 
IV,  p.  613. 


234    Correspondence  of  Nicholas  Bid  die 

business  to  their  means.  The  Bank,  as  I  am  sure  you  are 
aware,  is  desirous  of  protecting  the  community  from  the 
mischief  which  threaten  it,  and  has  been  constantly  engaged 
in  relieving  the  Banks  and  individuals  whose  solvency  has 
been  endangered  by  the  measures  of  the  Treasury.  At  the 
same  time  the  Bank  would  injure  itself  &  not  benefit  the 
country,  if,  after  all  the  warnings  which  the  State  Banks  as 
well  as  individuals  have  had  to  diminish  their  business  & 
rovide  against  the  storm,  it  should  venture  on  the  Quixot- 
jsni  of  preventing  all  inconvenience  to  the  public  from  the 
measures  intended  to  destroy  the  Institution.  The  course 
\  wmch  circumstances  seem  to  force  upon  the  Bank  is  that  of 
gradual  &  gentle  diminition  of  its  business,  so  as  to  be  pre 
pared  to  expand  or  to  close  its  affairs  as  the  country  may  de 
sire  hereafter.  I  pray  you  to  believe  that  I  shall  always  be 
happy  to  hear  from  you  —  and  that  I  am 

BIDDLE  TO  SOLOMON  ETTING  1 

Phila  June  12.  1834 
Dear  Sir 

I  have  had  the  pleasure  of  receiving  your  favor  of  the 
10th  inst.  which  I  assure  you  requires  no  apology,  as  I  am  al 
ways  not  merely  willing,  but  anxious  to  learn  the  opinion  of 
judicious  friends  of  the  Bank. 

Since  the  Bank  has  ceased  to  be  the  depository  of  thex 
public  revenue,  the  indulgence  formerly  given  to  the  State  } 
Banks  could  scarcely  be  expected  — as  it  would  be  unrea-/ 
sonable  and  unjust  to  the  Stockholders  of  the  Bank  of  the 
U.S.  to  let  the  State  Banks  have  the  use  of  a  large  part  of 

1  A  merchant  of  Baltimore  and  one  of  the  directors  of  the  Baltimore  and 
Ohio  Railroad.  Cf.Scharf,  J.Thomas,  The  Chronicles  of  Baltimore  (Baltimore,  1874). 


To  Alexander  Porter  235 

its  capital  without  interest,  while  they  were  making  interest\ 
on  it.  The  Board  have  therefore  made  a  recent  order  for  the  J 
periodical  settlement  of  those  balances  from  the  State  Banks. 
The  general  object  was  to  keep  down  this  accumulation  of 
debt  from  those  institutions  —  at  the  same  time,  nothing  was 
more  remote  from  the  desire  of  the  Bank  than  to  oppress  the 
State  Institutions.  On  the  contrary  we  should  be  disposed  tcP 
give  every  reasonable  facility  in  the  settlement  of  thebalances. 
It  was  probably  some  misapprehension  of  the  design  of  the 
Bank  which  occasioned  the  excitement  to  which  you  allude 
&  which  I  trust  will  cease  when  the  nature  of  these  periodical 
regulations  of  the  balances  is  better  known  from  practice. 

BIDDLE  TO  ALEXANDER  PORTER  1 

Phil3.  June  14.  1834 
Dear  Sir 

The  last  mail  brought  me  your  favor  of  the  IIth  inst 
which  shall  not  fail  to  receive  immediate  attention  as  soon 
as  we  hear  from  the  Branch  at  New  Orleans  on  the  subject. 
As  yet  we  have  had  no  communication  whatever  in  regard 
to  it. 

I  regret  very  much  the  decision  of  the  House  on  Mr  Clay's 
resolutions :  for  its  effect  will  I  fear  be  to  render  the  state  of 
the  country  much  more  embarrassing  during  the  summer. 
The  House  have  it  now  in  their  power,  by  passing  those  reso 
lutions,  to  give  immediate  and  general  relief  to  the  country. 
If  the  House  by  however  small  a  majority,  were  to  order 
the  restoration  of  the  Deposits,  no  matter  whether  it  were 
vetoed  or  signed  by  the  Pres1.,  it  would  not  only  relieve  the 
Senate  from  the  reproach  of  siding  against  the  Pres*.  and  the 

1  Senator  from  Louisiana. 


236    Correspondence  of  Nicholas  Biddle 

people  —  but  it  would  establish  such  a  relation  between  the 
Congress  and  the  Bank,  as  would  induce  the  latter  to  make 
great  efforts  to  restore  confidence  and  prosperity.  With  such 
a  vote  of  Congress,  twenty-four  hours  would  be  sufficient  to 
establish  peace,  and  to  insure  the  return  of  better  times  for 
the  country.  On  that  subject  my  convictions  are  strong  — 

"and  were  it  not  for  the  misinterpretation  to  which  it  would 
be  liable,  I  should  go  down  &  talk  with  you  all  about  it. 

Do  you  think  it  practicable  to  carry  the  resolutions?  The 
majority  was  20  which  requires  a  change  of  only  n  votes. 
Now  I  have  no  doubt  that  many  members  like  Mr  King  of 
Georgia,  who  are  well  disposed  even  to  recharter  the  Bank, 
but  despairing  of  the  recharter,  think  the  restoration  of  the 
deposites  without  being  followed  by  a  certainty  of  a  rechar 
ter,  would  benefit  neither  the  country.  In  this  they  are  mis 
taken.  I  think  for  instance  I  could  venture  to  say  that  if  such 
a  vote  were  secured,  the  Bank  would  feel  no  reluctance  in 
giving  one,  or  if  necessary,  two  millions  of  loans  to  Louisiana 
as  requested  for  her  relief.  This  could  be  done  because  such 
a  vote  is  peace  and  harmony  &  confidence  between  the  Bank 
&  the  Congress.  In  truth  I  know  of  no  way  in  which  all  the 
interest  on  the  Western  waters  could  be  more  immediately  & 
substantially  advanced  than  by  such  a  vote,  which  it  would 
be  in  the  power  of  Eleven  men,  who  are  sent  to  Congress  to 

j  promote  these  interests,  to  give  in  a  few  days.  Could  not  that 
resolution  be  brought  up?  I  should  think  there  were  men 
enough  in  the  House  to  do  that  good  service  to  their  section 
of  the  country,  even  if  it  did  cost  them  a  frown  at  the  Palace. 
If  you  suppose  it  is  at  all  feasible  &  that  I  can  promote  it, 

1  have  the  goodness  to  let  me  know  —  and  in  the  mean  time 

\  believe  me 


70  William  Appleton          237 

BIDDLE  TO  WILLIAM  APPLETON 

Phila.  July  4th  1834 
Dear  Sir 

Your  favor  of  the  2yth  ult°  was  duly  received  and  the 
letter  inclosed  in  it  will  not  fail  to  receive  the  respectful  at 
tention  due  to  the  signers  of  it. 

The  Board  have  deemed  it  inexpedient  to  change  the  course 
of  the  Bank  during  the  session  of  Congress,  but  when  it  was 
ascertained  that  nothing  could  be  done,  upon  the  adjourn 
ment,  a  Committee  was  appointed,  to  consider  what  measures 
would  be  necessary  in  consequence  of  that  event.  This  Com 
mittee  will  report  in  a  few  days,  and  in  their  deliberations, 
the  views  contained  in  the  communication  you  have  for 
warded  will  have  their  due  weight.  In  the  mean  time,  I  think 
it  right  to  say  that  the  paper  is  written  under  an  entire  mis 
apprehension  of  the  course  and  situation  of  the  Bank.  These 
gentlemen  say  "it  is  well  understood  that  the  Bank  is  pur 
suing  a  regular  system  of  curtailment  apparently  at  the  rate ,. 
of  about  a  million  of  dollars  per  month."  Now  the  fact  is  that  \ 
the  Bank  is  not  curtailing  its  business  a  single  dollar;  no  cur-  J 
tailment  of  any  description  has  been  ordered  since  January 
last,  and  all  that  was  then  directed  has  with  a  few  exceptions 
been  executed,  so  that  the  Bank  has  not  I  believe  a  wish  to 
reduce  its  present  amount  of  loans  and  certainly  has  adopted 
no  regular  system  of  curtailment.  In  respect  to  your  own 
Office,  you  know  perfectly,  that  you  have  been  under  no 
restriction  of  any  kind  as  to  the  amount  of  your  loans,  and 
that  since  the  removal  of  the  deposits,  Boston  is  the  only  point 
in  the  whole  establishment  except  Savannah  (where  the  busi 
ness  voluntarily  fell  off  after  the  run  upon  it)  where  no  re- 


238     Correspondence  of  Nicholas  Biddle 

duction  was  directed,  and  it  is  moreover  the  only  place  where 
the  discounts  have  increased,  they  being  at  this  moment 
more  than  half  a  million  of  dollars  beyond  the  amount  in 
October. 

What  has  probably  induced  the  belief  of  this  curtailment  is 
the  diminition  of  the  apparent  aggregate  of  Loans  in  the  pub 
lished  statements,  but  these  intelligent  men  of  business  must 
perceive  that  this  is  the  natural  result  of  this  season  of  the 
year  of  the  maturity  of  the  bills  from  the  South,  which  can 
not  be  replaced  by  other  bills  from  the  South,  as  the  sea 
son  of  purchasing  them  goes  by,  so  that  these  reductions  are 
not  compulsory  but  voluntary  and  inevitable.  Of  the  nature 
of  these  presumed  curtailments  I  can  offer  no  better  illustra 
tion  than  what  is  furnished  by  the  accounts  up  to  the  I8t.  of 
July  now  lying  before  me  showing  the  following  comparison 
of  the  discounts  during  the  last  month. 

Local  Foreign 

Discounts        Dom.  Bills          Totals  Bills  of  Ecc.      Aggregate 

June  I,  1834  34>739)87i.2i  17,462,041.67  52,201,912.88  1,995,291.80.  54,197,204.68 

July  I,  1834  34.423>92i-72  16,601,051.00  51,031,972.72  3,827,413.03.  54,852,385.75 

315,949.49        860,990.67      1,176,940.16    1,832,121.23        655,181.07 

Now  there  is  an  actual  increase  of  discounts  (for  the  purchase 
of  a  foreign  Bill  is  as  much  a  loan  as  the  purchase  of  an  inland 
Bill)  amounting  to  $655,181.07,  altho'  of  those  two  classes 
of  Loans,  the  local  discounts  and  Domestic  Bills  there  is  a 
diminition,  but  this  diminition  is  voluntary,  and  so  far  as 
concerns  the  present  subject  is  worth  remarking. 

The  whole  diminition  in  local  Discounts  is 3I5>94949 

of  this  the  diminition  at  Boston  is 201,137.13 

/  Now  you  are  perfectly  aware  that  the  diminition  was  not 
/directed,  nor  advised,  nor  suggested  by  the  Bank — that  as 
I  far  as  the  Bank  is  concerned,  it  is  voluntary  and  forms  no 


William  Appleton          239 

part  "of  a  regular  system  of  curtailment."  Again;  the  dimini-\ 
tion  of  the  domestic  bills  is  $860,990.67.  This  is  composed  \ 
mainly  of  the  diminished  purchases  at  New  Orleans,  Mobile  I 
&  Charleston  to  the  amount  of  851,024.05,  of  diminished  pur-  / 
chases  at  other  Western  and  South  Western  Offices  amount-/ 
ing  to  374,540.27.  While  at  Boston  your  Domestic  Bills  of 
Exchange  have  increased  $385,091.28.  Your  aggregate  busi 
ness  in  local  Discounts  &  Domestic  Bills  has  increased  $127,- 
932.14  during  the  month  of  June  —  moreover  the  loans  of 
the  Office  are  larger,  much  larger  than  they  generally  are  at 
this  season  of  the  year,  thus, 

Local  Discounts  Bills                                Totals 

June  24,  1830             563,349-S9  5i7,i9i-0l  1,080,533.60 

30,  1831              259,428.86  612,585.11                         872,013.97 

28,  1832             961,732.22  1,044,698.69  2,006,430.91 

27,  1833             770,071  3,422,938.08  4,212,955.09 

26,  1834           1,248,964.32  1,587,631.16  2,839,595.98 

From  all  this,  I  think  our  friends  will  perceive —  Ist.  That 
the  Bank  is  not  pursuing  any  course  of  curtailment  at  all. 
2nd.  That  the  last  months  operations  have  been  in  fact  a  con 
siderable  expansion  of  Loans  —  and  3rd.  that  of  all  the  Cities 
of  the  United  States,  that  which  has  the  least  reason  to 
complain  is  Boston  —  I  say  emphatically  Boston,  because 
Boston  is  the  only  Branch  where  no  curtailments  were 
ordered,  the  only  Branch  which  has  actually  and  largely 
increased  its  Loans  —  the  only  Branch  which  from  the  re 
moval  of  the  Deposits  to  the  present  day,  has  had  no  re 
striction  put  upon  the  amount  of  its  Loans.  If  the  Board  have 
found  in  the  situation  of  the  Branch  enough  to  justify  the 
exemption  from  these  restraints,  it  was  not  certainly  to  be 
presumed  the  party  most  favored  should  most  complain. 

Having  said  this  much,  I  could  wish  to  go  no  farther  and 
yet  I  ought  to  add  a  few  words  more  in  regard  to  the  sugges- 


1 


240     Correspondence  of  Nicholas  Riddle 

tion  that  "it  may  even  create  a  necessity  for  the  whigs  self 
defence  to  separate  themselves  entirely  from  that  Institu 
tion."'!  regret  extremely  the  use  of  such  phrases  since  they 
resolve  themselves  at  last  into  this,  that  if  the  Bank  does  not 
do  what  the  Gentlemen  wish,  the  political  party  to  which 
they  belong  will  denounce  the  Bank.  Now  it  is  true  that  the 
Gentlemen  who  administer  the  Bank  concur  in  their  indi 
vidual  characters  with  the  party  just  named,  and  will  al 
ways  be  disposed  to  cooperate  with  them  for  general  benefit, 
t  nothing  could  be  more  immediately  &  decidedly  fatal  to 
that  cooperation  than  the  appearance  of  any  disposition  to 
:oerce  the  Bank  by  political  denunciations.  IfjJoerefore  any 
Political  party  or  association  desires  to  separate  itself  from  the 
Bank  —  be  it  so.  The  parting  will  be  a  source  of  deep  regret, 
butthere  would  be  deeper  regret  at  doing  wrong  to  avoid 
i^  The  Bank  looks  only  to  what  it  views  the  interest  of  the 
Stockholders  and  of  the  country  and  it  will  never  yield  any 
£art  of  those  interests  to  create  or  relieve  political  friends. 
Already  the  very  suggestion  is  calculated  to  be  injurious. 
I  did  not  even  venture  to  read  that  letter  to  the  Board,  be 
cause  I  knew  that  the  tone  of  it  would  excite  unpleasant  feel 
ings  and  that  that  portion  of  the  Board  connected  with  the 
Government  might  turn  to  the  very  great  injury  of  the  po 
litical  party,  in  whose  name  these  Gentlemen  speak,  the  dec 
larations  contained  in  it.  For  the  same  reason  I  make  this 
a  private  letter  to  you,  with  liberty  to  communicate  these 
explanations  to  them.  They  will  I  hope  perceive  in  the  tem 
per  which  dictates  them  a  very  strong  desire  that  they  should 
be  satisfied  in  regard  to  the  general  position  of  the  Bank  and 
especially  of  its  disposition  towards  them  and  the  community 
around  them.  If  we  are  so  unfortunate  as  to  fail  in  this,  and 


From  R.  Fisher  241 

are  destined  to  have  the  ranks  of  the  enemy  swelled  by  alien 
ated  friends,  much  as  we  regret  the  accession  of  so  much  re- 
spectibility  to  the  adverse  party,  we  certainly  will  be  less  in 
clined  to  capitulate  to  their  hostility,  than  to  yield  to  their 
friendly  suggestions.  In  a  few  days  I  have  to  apprize  you  of 
the  determination  of  the  Board  and  mean  while  remain,  with 
great  regard 

R.  FISHER  l  TO  BIDDLE 

New  York  July  7th  1834. 
My  Dear  Sir 

.  .  .  Without  further  preface  then  I  assure  you,  there 
is  much  dissatisfaction  in  this  City  and  State  among  a  very 
large  portion  of  the  friends  of  the  Bank,  and  those  of  influence 
in  the  Whig  party  —  and  sure  am  I  that  it  is  increasing  every 
day. 

Our  Merchants  and  traders  generally  have  been  in  hopes 
for  some  time  past  that  circumstances  might  occur  to  pro 
duce  a  change  of  Policy  on  the  part  of  the  Government  to 
wards  the  Bank  —  that  some  happy  influence  might  have 
sprung  up  at  Washington,  and  that  light  might  have  broken 
in  upon  the  chaos,  in  which  the  dominant  party  are  un 
doubtedly  involved. 

The  adjournment  of  Congress  has  dissipated  this  forlorn 
hope,  and  they  now  begin  to  look  to  the  present  and  the 
future  —  to  the  former  suffering  under  a  painful  evil,  and  to 
the  latter  with  increased  anxiety  and  alarm. 

1  Son  of  Miers  Fisher,  a  distinguished  lawyer.  About  1830  Fisher  moved  to 
New  York  and  established  the  daily  paper  the  New  York  American  Advocate  and 
Journal  which  was  afterwards  named  the  New  York  Journal  and  Advertiser.  He  was 
a  warm  friend  of  Clay ;  was  twice  elected  municipal  judge,  appointed  Assistant  Post 
master  of  New  York  by  President  Tyler;  and  under  President  Taylor  Appraiser 
of  the  Customs  of  Philadelphia.  Simpson,  Eminent  Philadelphians,  pp.  362-364. 


242     Correspondence  of  Nicholas  Biddle 

The  language  is  general  among  them,  "We  have  now  no 
chance  for  relief,  but  from  the  Bank  of  the  United  States, 
which  institution  is  called  upon,  we  think  by  every  considera 
tion  to  extend  its  loans.  As  regards  the  Institution  itself,  the 
best  informed  Financiers  in  the  City  (among  whom  I  name 
Mr  Gallatin)  declare  that  this  can  be  done  with  perfect 
regard  to  the  Safety  of  the  Institution  —  and  undoubtedly 
with  the  best  possible  policy.  The  Safety  fund  Banks  of  the 
State,  under  the  influence  of  the  Albany  Regency,1  have 
considerably  curtailed  their  issues  —  and  refuse  to  extend 
them  —  throwing  all  the  odium  of  the  present  extreme  scar 
city  of  money  throughout  this  State  upon  your  Bank.  Gentle 
men  from  many  counties  of  the  State  have  assured  me,  that 
the  farmers  —  men  of  much  influence,  believe  that  their  suf 
fering  is  owing  to  that  assigned  cause.  The  Regency  presses 
are  \  daily  filled  with  articles  calculated  to  induce  this  opin 
ion,  and  it  is  fast  gaining  ground  —  Nay,  my  informants  go 
much  further,  and  declare,  that  the  Regency  are  delighted 
with  the  present  state  of  things,  and  rely  exultantly  for  their 
success  upon  its  continuance,  believing  that  they,  through 
the  State  loan,  can  turn  the  relief  to  their  great  account. 
These  are  the  opinions  of  men  entirely  friendly  to  the  Bank 
—  and  they  communicate  their  information  with  great  re 
luctance.  In  this  City,  I  pray  of  you  to  be  assured,  such  is  the 
coincidence  among  our  merchants  in  this  opinion,  and  the  ex 
citement  thence  resulting,  that  I  have  no  doubt  measures  will 
shortly  be  taken  (should  things  remain  as  they  are)  that  can 
not  fail  to  have  the  most  unhappy  effect  upon  the  Bank,  and 
the  great  cause  of  Constitutional  freedom.  Indeed  I  have 

1  For  the  Albany  Regency,  cf.  Alexander,  De  Alva  S.,  A  Political  History  of 
New  York  (New  York,  1909),  vol.  I,  pp.  293,  294,  324. 


"To  J 


ames  W.  Webb          243 


heard  it  talked  of,  among  men  of  great  influence  ,  that  a  meet 
ing  of  merchants  will  be  publicly  called  to  take  into  consider- 
tion  what  belongs  to  them  to  do  for  the  relief  of  the  Trading 
Community.  There  is  much  talk  of  taking  up  Jesse  Buel  for 
the  Whig  Candidate  as  Governor  and  some  of  our  Politicians 
confidently  say,  if  the  Bank  should  continue  its  present  course, 
it  would  best  comport  with  his  success  to  go  —  for  A  Na 
tional  Bank,  and  if  not  denounce  the  present  one,  at  least 
to  disavow  publicly  all  connection  with  it.  ... 

BIDDLE  TO  JAMES  W.  WEBB 

Phila.  July  9th.  1834 
Dear  Sir 

I  have  this  morning  had  the  pleasure  of  receiving  your 
favor  of  the  8th  inst.  We  have  waited  for  the  adjournment  of 
Congress  before  taking  any  final  course  in  regard  to  the  Bank, 
because  'till  then  the  movement  of  the  Government  was  un 
certain.  The  subject  is  now  under  examination  by  a  Commit 
tee  of  the  Board  who  will  probably  report  in  a  day  or  two. 
My  own  individual  opinion  is,  that  having  reached  the  point 
of  entire  safety  &  being  in  some  sort  divorced  from  the  Execu 
tive,  the  Bank  is  now  at  liberty  to  consult  exclusively  the 
interest  of  the  Stockholders  and  the  Community.  In  such  a 
state  of  things  it  seems  inexpedient  to  impose  or  to  continue 
curtailments  merely  for  the  sake  of  any  effect  they  might  be 
presumed  to  produce  abroad,  and  I  shall  not  be  surprized  if 
further  reductions  of  the  loans  should  be  suspended.  No 
determination,  however,  is  yet  made,  and  therefore  nothing 
should  be  said  about  it  in  your  journal  I  should  think  at 
present. 


244    Correspondence  of  Nicholas  Eiddle 

ALEXANDER  HAMILTON  TO  JOHN  WOODWORTH  * 

New  York  Sepr.  14.  1834. 
Dear  Sir 

The  success  of  your  exertions  at  the  ensuing  election 
will  mainly  depend  on  the  course  to  be  pursued  by  the  Bank; 
the  Colera  and  the  drought  have  done  some  service,  but  you 
alone  can  prevent  an  active  fall  trade  in  our  agricultural  prod 
ucts.  The  regency  have  resolved,  through  the  Safety  Fund 
Banks,  to  grant  every  facility  to  raise,  if  possible,  the  price 
of  grain  about  the  commencement  of  October,  in  order  to 
satisfy  the  farming  interest  that  our  embarrassments  have 
passed  away  and  that  their  policy  had  placed  the  future 
prosperity  of  the  country  on  a  permanent  footing  —  this  im 
pression  is  now  gaining  ground  and  unless  counteracted  will 
give  us  an  uphill  labour  —  ... 

...  It  has  been  found  expedient  to  abandon  the  Bank  in 
our  political  pilgramage.  The  people  are  now  familiarly  ac 
quainted  with  the  immense  power  of  a  national  bank  and  ap 
prehend  all  kinds  of  terrible  consequences  from  its  exercise, 
without  ever  reflecting  that  in  every  human  institution,  pos 
sessing  the  ability  to  do  much  good,  their  must  necessarily 
exist  the  power  to  do  essential  mischief,  and  that  all  legisla 
tion  is  more  or  less  subject  to  the  same  charge.  .  .  . 

BIDDLE  TO  SILAS  M.  STILWELL 

Phila.  Oct  30.  1834. 
Dear  Sir 

I  received  yesterday  your  favor  of  the  27th  inst  which 
was  forthwith  disposed  of  as  requested. 

1  Distinguished  lawyer  of  New  York. 


From  Roswell L.  Colt          245 

On  the  subject  of  aid  from  this  quarter  the  fact  is,  I  under 
stand,  that  the  contributions  fall  on  a  very  narrow  circle  of 
not  wealthy  people  —  and  that  on  the  late  occasion  they  have 
been  completely  exhausted  and  a  little  dispirited  that  their 
exertions  have  proved  so  little  productive  in  proportion  to 
their  expectations.  I  should  not  think  it  at  all  probable  that 
any  thing  further  could  be  obtained  from  them.  As  to  the 
Bank  itself,  I  have  always  made  it  a  point  of  duty  never  to 
permit  its  interference  in  any  manner  with  our  political  con-\ 
cerns.  It  was  a  refusal  to  become  partizans  to  the  present  set  in  J 
power  which  has  made  them  its  enemies,  and  it  will  persevere  " 
in  the  same  neutrality  to  the  end  —  altho'  all  the  temptations 
to  depart  from  that  course  are  obvious  &  strong,  &  however 
much  the  consequences  may  be  deplored  of  the  present  mis 
rule.  We  shall  not  look  with  less  anxiety  however  on  your 
great  struggle,  on  which  the  fate  of  the  country  now  in  a 
great  degree  depends.  With  the  hope  that  you  and  the 
good  cause  you  support  may  triumph  in  that  struggle,1  I 
remain 

ROSWELL  L.  COLT  TO  BIDDLE  2 

Bal.  13  Nov  1834 
My  dear  Sir 

.  .  .  The  more  I  have  thought  about  the  Bank,  the 
better  I  like  your  idea  of  applying  to  your  State  for  a  Charter 
for  35  Millions  —  for  a  Bank  to  be  called  the  Bank  of  the  U  S. 
Penna  to  subscribe  7  Millions  pay*  in  a  Stock  bearing  41/2 

1  The  followers  of  the  Bank  were  defeated  in  the  fall  election  by  an  over 
whelming  vote. 

2  This  letter  is  the  first  intimation  we  have  in  the  Biddle  correspondence  that 
the  President  of  the  Bank  was  contemplating  an  attempt  to  have  the  Bank  chart 
ered  by  the  State  of  Pennsylvania. 


246     Correspondence  of  Nicholas  Biddle 

percts  Interest  or  even  4  —  having  the  Same  time  to  run, 
they  grant  the  Charter,  pledging  the  faith  of  the  State  for 
Said  Debt,  &  the  accruing  Dividends  toward  part  of  Inter 
est,  —  this  would  give  your  State  at  least  200,000  a  Year  as 
a  Bonus,  the  present  private  Stockholders  of  the  B  U  S  to 
have  the  right  to  subscribe  for  the  Same  number  of  Shares 
in  the  New  Bank  they  now  hold  in  the  Old  —  the  unsub 
scribed  Stock  to  belong  to  the  Corporation  with  right  to  Sell 
as  they  think  proper  —  the  Bank  to  have  the  right  to  es 
tablish  Branches  in  all  States  permitting,  &  agencies  every 
where  on  such  terms  as  may  be  agreed  upon.  I  feel  persuaded 
all  the  States  but  N  York  would  grant  such  privilege  &  if 
the[y]  refused,  place  an  Agency  there  —  we  would  grant 
You  the  Charter  here  at  once. 

BIDDLE  TO * 

Phila.  Jany  7.  1835 
Gentlemen, 

I  had  this  morning  the  pleasure  of  receiving  your  let 
ter  of  the  5th  inst  in  which  you  apprize  me  that  you  had  been 
informed  that  the  Stockholders  of  the  U.S.  Bank  would  ac 
cept  a  charter  from  this  State  and  you  request  to  know  from 
me  on  what  terms  this  can  be  effected  —  especially  mention 
ing  the  number  of  years  of  the  charter  with  which  the  Bank 
would  be  satisfied  —  the  amount  of  capital  —  as  well  as  the 
premium  &  other  encouragements  that  would  be  given  to 
the  State  in  consideration  of  it. 

Having  long  had  reflected  much  on  this  subject,2  I  will 
answer  promptly  &  without  reserve. 

1  This  letter  was  evidently  a  draft  of  one  sent  to  the  committee  on  banks  in 
Harrisburg. 

2  It  was  Matthew  St.  Clair  Clarke  who  first  suggested  to  Biddle  the  advisability 


247 


For  a  variety  of  reasons,  which  I  forbear  to  state  because 
your  duties  have  made  you  familiar  with  them,  I  believe  it  to 
be  of  the  greatest  importance  to  our  State  to  appropriate  to 
its  own  benefit  the  Capital  of  the  Bank  of  the  U.S.  which  is 
about  to  be  distributed  &  can  never  be  recalled  if  it  once 
leaves  the  State. 

I  believe  that  considering  the  general  growth  of  the  whole 
Union  —  and  the  extraordinary  resources  of  Penna  which 
require  only  capital  to  develope  them  —  the  sum  of  ten  mil 
lions  which  formed  the  capital  of  the  first  Bank  in  1791  — 
and  the  sum  of  35  millions  which  formed  the  capital  of  the 
present  Bank  in  1816  was  not  more  than  the  equivalent  of 
TOO  millions  at  this  time  —  and  that  the  present  institution 
might  with  great  safety  &  with  great  advantage  be  gradually 
increased  to  fifty  millions  to  an  amount  not  disproportionate 

of  securing  a  charter  from  the  State  of  Pennsylvania.  Clarke  was  a  co-worker  of 
Peter  Force  and  aided  the  latter  in  collecting  and  publishing  the  former's  great 
work  American  Archives,  a  Documentary  History  of  the  English  Colonies  of  North 
America.  On  October  30,  1832,  Clarke  wrote  to  Biddle  as  follows:  "I  need  only 
give  the  outline  of  what  I  consider  a  splendid  operation.  Only  remember  /  have 
given  it.  Let  our  State  of  Pennsylvania  charter  the  U.S.  Bank,  less  the  Gov*  Stock 
—  and  in  place  of  Branches,  out  of  the  State  —  create  Agencies  —  or  whatever  you 
please  to  call  them.  .  .  .  Let  the  State  lay  out  the  Bonus  in  Internal  Improvements 
and  make  yourself  'a  name  &  praise  among  the  nations  of  the  Earth.' " 

This  suggestion  evidently  impressed  Biddle  as  the  above  letter  and  the  fol 
lowing  actions  of  the  Bank  disclose.  Moreover,  the  economic  and  political  aspect 
of  the  State  favored  the  Bank  men  at  this  particular  time.  Pennsylvania  was  al 
ready  engulfed  in  the  vast  internal  improvement  speculation  which  characterized  . 
these  years  and  was  just  beginning  to  feel  the  effects  of  her  folly.  With  her  com 
merce  sinking  beneath  the  pecuniary  agitation  of  the  thirties,  her  treasury  bank 
rupt,  and  her  citizens  overburdened  with  taxes,  the  Pennsylvania  Legislature  was 
willing  to  listen  to  Nicholas  Biddle.  Furthermore,  the  Anti-Masonic  Party  had 
elected  their  man,  Joseph  Ritner,  as  governor  upon  an  implied  promise  not  to  in 
crease  the  debt  nor  the  taxes,  and  as  the  Whigs  and  Anti-Masons  had  been  voting 
together  on  all  measures  since  1832  under  the  able  leadership  of  Thaddeus  Stevens, 
Biddle  might  well  deem  the  time  propitious.  Cf.  Harrisburgh  Chronicle,  May, 
1836;  McCarthy,  Charles,  The  Antimasonic  Party,  in  American  Historical  Asso 
ciation,  Annual  Report,  vol.  I  (Washington,  1902),  pp.  461,  488. 


248     Correspondence  of  Nicholas  Riddle 

when  it  is  considered  how  large  a  sum  could  be  used  for  the 
general  purposes  of  trade,  manufactures  &  agriculture  — 
/  how  much  might  be  advanced  to  the  State  for  the  completion 
of  its  great  Plans  of  improvement  —  how  large  a  portion 
might  be  given  to  private  associations  for  rail  roads  &  canals 
&  other  objects  of  general  benefit  &  how  much  might  be  ju 
diciously  advanced  to  individuals  in  the  interior  for  improve 
ments  which  tho'  private  in  their  nature  are  public  in  their 
results.  I  believe  that  to  give  permanancy  &  solidity  to  the 
fiscal  arrangements  of  the  State  it  would  be  greatly  for  its 
interest  to  extend  the  charter  to  thirty  years. 

I  have  accordingly  endeavored  to  estimate  the  value  of  such 
a  charter  —  &  I  have  made  up  my  mind  to  this  conclusion 
which  I  mention  to  you  at  once  —  because  I  have  not  the 
least  ambition  to  make  any  arrangement  not  mutually  ad 
vantageous  &  because  after  all  the  benefit  of  this  measure  to 
the  Commonwealth  in  its  schemes  of  improvement  is  far 
greater  than  the  mere  price  which  may  be  paid  for  the  char 
ter.  The  question  you  will  perceive  is,  what  inducement * 
can  be  offered  to  the  Stockholders  in  other  parts  of  the  U.S. 
or  in  Europe  to  leave  his  funds  in  Penna.  rather  than  take 
them  home  to  be  employed  in  other  States  —  and  then  what 
reason  can  be  given  for  accepting  a  charter  from  Penna  rather 
from  any  other  of  the  24  States  having  an  equal  with  Penna 
to  give  the  charter.  As  a  Pennsylvanian  devotedly  attached 
to  her  interests  &  her  fame  I  would  give  more  to  Penna.  than 
to  any  other  State  for  a  Charter —  and  my  effort  would  be  to 
induce  all  the  other  Stockholders  to  prefer  that  arrange- 

1  New  York  and  later  Maryland  made  generous  offers  to  Biddle  when  the 
bill  to  re-charter  the  Bank  was  finally  presented  to  the  Pennsylvania  Legislature. 
Both  states  were  most  desirous  of  securing  the  institution. 


"To 249 

ment  to  either  a  division  of  the  funds  or  the  acceptance  of  a 
charter  from  any  other  State.  To  do  which  it  would  be  neces 
sary  to  render  the  terms  beneficial  to  the  State  yet  not  too 
burdensome  to  the  Stockholder.* 

For  a  charter  from  Penna.  for  the  amount  of  Stock  held 
by  individuals  with  a  power  of  gradual  increase  to  fifty  mil 
lions  of  dollars,  and  for  thirty  years,  I  would  recommend  to 
the  Stockholders  the  following  terms. 

To  give  to  the  State  $2,000,000  either  in  cash  on  the  day 
when  the  charter  was  accepted,  or  in  instalments  one  fourth 
cash  &  the  rest  in  equal  payments  at  six  —  twelve  &  1 8 
months,  the  sum  of  2,000,000.  To  lend  to  the  State  when 
ever  wanted  six  millions  of  dollars  taking  their  Stock,  which 
need  not  be  repaid  before  the  expiration  of  the  charter,  at 
five  per  cent,  which  interest  payable  semi  annually  &  giving 
a  premium  of  ten  per  cent  —  or  if  more  agreeable  to  take  a 
four  per  cent  stock  at  par. 

To  subscribe  the  sum  of  one  million  to  the  stock  of  any 
rail  roads  or  canal  companies  which  the  State  might  elect  as 
worthy  of  particular  patronage  and 

To  advance  at  all  times  to  the  State  a  temporary  loan  of 
Five  hundred  thousand  at  five  per  cent 

Allow  me  in  conclusion  to  suggest  one  very  important  con 
sideration.  It  is  this.  The  charter  of  the  Bank  expires  on  the 
4th  of  March.  The  Stockholders  are  already  summoned  to 
meet  on  the  iyth  of  February  to  make  preparations  for  the 
dissolution  of  the  Bank  &  some  final  decision  will  probably 
be  then  made  for  either  the  division  of  the  funds  or  an  appli 
cation  for  a  charter  from  some  other  authority.  It  would 
therefore  be  highly  desirable  that  the  final  action  of  the  legis 
lature  should  be  known  at  that  period,  so  that  an  immediate 


250    Correspondence  of  Nicholas  Biddk 

acceptance  of  the  charter  may  be  made  —  or  ulterior  meas 
ures  be  adopted. 

I  need  not  say  that  in  this  frank  exposition  I  speak  only 
my  own  sentiments  —  I  believe  such  an  arrangement  would 
be  beneficial  to  the  State  and  as  such  it  might  be  offered  & 
would  be  accepted. 

*  As  far  as  I  understand  the  financial  position  of  the  State 
is  that  a  large  amount  of  funds  is  invested  in  improvements 
/which  do  not  yet  defray  their  own  expenses,  but  will  do  so  when 
j  the  whole  scheme  of  improvements  is  finished.  It  is  desirable 
therefore  to  make  arrangements  for  the  completion  of  the 
I  improvements  and  until  they  become  more  productive  to  sup- 
l  ply  the  deficiency  of  income  over  expenditure.  Both  these  ob 
jects  would  I  think  be  attained  by  the  following  arrangement. 


DANIEL  WEBSTER  (?)  TO  BIDDLE 

Private  Boston  May  9.  1835 

My  Dear  Sir 

It  appears  to  me  that  our  political  affairs  are  taking  a 
very  decided  turn,  &  that  if  nothing  be  done  to  check  the  cur 
rent,  Mr  V.B.  will  be  elected  President,  by  a  vast  majority.  It 
is  entirely  obvious,  I  think,  that  the  movement  of  the  South 
ern  Whigs  *  (as  they  call  themselves)  in  Mr  White's  favor 
has  disgusted,  deeply,  the  whole  body  of  our  friends  in  the 
North.  Such  papers  as  the  Richmond  Whig  &  Telegraph  have 
endeavored  to  persuade  the  People  that  the  question  is  nar 
rowed  down  to  a  choice  between  Judge  White  &  Mr.  V. 
Buren,  &  if  this  be  the  only  issue  presented,  there  is  already 
abundant  indication  that  the  whole  north,  east,  &  middle  too, 

1  On  the  Southern  Whigs  as  a  political  force,  cf.  Cole,  Arthur  C,  The  Whig 
Party  in  the  South  (Washington,  1913). 


From  Daniel  Webster         251 

as  I  believe,  will  go  for  V.B.  I  do  not  know  whether  any  thing 
can  be  done  to  change  the  course  of  things;  but  I  am  fully 
persuaded,  that  if  any  thing  can  be  done,  it  is  be  done  in 
Penna.  Your  people  are  awake  to  political  subjects,  in  conse 
quence  of  the  pendency  of  an  election  for  Govr.  If  those  who 
are  likely  to  unite  in  support  of  Mr  Ritner  could  unite  also 
in  making  some  demonstration,  on  National  Subjects,  &  do 
it  immediately,  it  might  possibly  have  some  effect.  Whether 
this  be  practicable  is  more  than  I  know. 

I  have  thought  it  right,  My  Dear  Sir,  to  express  to  you 
my  opinion,  thus  freely,  on  the  present  State,  &  apparent  tend 
ency,  of  things.  Our  friends  here  receive  letters,  every  day, 
&  from  Pa.  as  well  as  from  other  quarters,  calling  on  them 
to  do  more,  &  say  more.  But  they  hardly  see  what  more  they 
can  do,  or  say.  The  sentiment  of  Massachusetts  is  known;  & 
it  would  seem  to  be  for  the  consideration  of  others,  whether 
it  should  be  seconded. 

You  will  of  course,  burn  this,1  &  let  no  eye  but  your  own 
see  it.  You  can  judge  whether  any  thing  can  be  usefully  done. 
For  my  part,  I  confess,  it  looks  to  me  as  if  the  whole  Whig 
Strength  in  the  Country  was  either  to  be  frittered  away,  or 
melt  into  the  support  of  Mr  V.  Buren. 

DANIEL  WEBSTER  (?)  TO  BIDDLE 

Private  Boston  May  12.  '35 

DrSir 

One  word  more  on  political  subjects.  It  seems  truly 
lamentable  that  the  Nat.  Intelligencer  should  be  so  unwilling 
to  give,  or  take,  tone,  on  questions  most  interesting  to  us,  as 
a  party.  Cannot  this  reluctance  be  overcome?  —  If  Mess" 

1  This  is  a  characteristic  entry  for  a  Webster  letter. 


252     Correspondence  of  Nicholas  Bid  die 

G.  &  S.  are  not  disposed  to  support,  at  present,  any  named 
candidate,  they  might,  at  least,  preach  the  necessity  of  sup 
porting  a  Whig  Candidate  —  some  Whig  Candidate.  We  are 
in  danger  of  breaking  up,  &  dividing.  Our  natural  field  mar- 
shall  —  he  that  should  rally  &  encourage  us,  is  the  leading 
paper  on  our  side.  But  this  natural  leader  seems  at  present  to 
be  without  any  "objects,  and,  aim." 

I  mention  this  matter  to  you,  because  you  can  judge,  as 
well  as  any  one,  whether  the  subject  deems  any  attention; 
&  if  it  do,  can,  better  than  any  one,  give  an  availing  hints, 
in  the  right  quarter,  burn. 

BIDDLE  TO  D.  SPRIGG 

Phila  May  13.  1835 
Dear  Sir 

I  have  received  your  favor  of  the  8th  ins1,  and  shall 
reply  to  it  without  the  least  reserve. 

In  closing  the  concerns  of  the  Bank,  my  great  anxiety  is  to 
take  care  of  its  faithful  Officers,  and  any  thing  which  I  can 
do  to  serve  them,  I  will  do  most  promptly  and  willingly.  In 
your  own  particular  case,  I  am  not  the  less  desirous  of  serving 
you  because  you  have  been  comparatively  a  short  time  with 
us,  for  you  have  connected  your  fortunes  with  the  Institu 
tion,  and  that  is  itself  a  claim  upon  me.  My  impression  then 
is,  that  the  Branch  in  Buffalo  will  be  soon  closed,  and  that 
in  the  contingency  of  a  renewed  charter  under  a  state,  the 
agencies  of  the  Bank  would  be  confined  to  the  most  mercan 
tile  points,  as  the  general  superintendence  of  the  currency 
will  no  longer  devolve  on  the  Bank:  so  that  the  Bank  would 
not  require  your  services  at  Buffalo.  I  wish  therefore  that 
you  may  succeed  in  your  application  for  the  Cashiership  of 


To  John  Huske  253 

the  Bank  in  Baltimore  —  and  I  will  do  all  in  my  power  to 
promote  your  views  by  communicating  with  Mr.  Anderson. 
You  will  receive  from  Mr.  Jaudon  by  to-days  mail  a  sugges 
tion  with  respect  to  another  Bank,  where  he  thinks  you  might 
be  well  placed.  In  short  I  beg  you  to  believe  that  it  will  af 
ford  me  very  great  pleasure  to  promote  your  views,  being, 
with  sincere  regard  l 

EDWARD  EVERETT  TO  BIDDLE 

Charlestown  Massts 

3  June  1835. 
My  dear  Sir, 

The  Ohio  Legislature  is  soon  to  convene.  The  Whigs 
there  are  now  in  a  majority.  I  see  in  a  Pittsburg  paper  a 
very  important  Suggestion,  which  has  been  repeated  or  made 
simultaneously  in  some  others,  that  if  the  Whigs  at  Colum 
bus,  at  this  approaching  session,  would  nominate  Mr  W.  and 
Gen1.  Harrison  as  Vice  P.  it  would  have  a  very  decisive  effect. 
If  you  should  be  of  this  opinion,  cannot  you  drop  a  line  to 
some  considerate  &  influential  persons,  —  members  of  the 
legislature  or  others,  —  at  Columbus  ? 

There  is  really  strength  enough  in  the  Country,  to  elect  Mr 
W.,  if  it  could  be  concentrated  &  cordially  united,  in  his  support. 

BIDDLE  TO  JOHN  HUSKE 

Phila.  Augst.  6th.  1835 
Dear  Sir 

...  In  regard  to  the  offer  from  the  State  Bank  of  the 
Presidency  of  the  Branch  at  Fayetteville,  I  think  you  should 
not  hesitate  to  accept  it.  My  great  anxiety  now  is,  that  the 

1  This  letter  is  characteristic  of  the  generosity  and  thoughtf  ulness  of  Biddle  in  his 
dealings  with  his  friends  and  especially  with  all  those  connected  with  the  institution. 


254    Correspondence  of  Nicholas  Eiddle 

!3fficers  of  the  Bank  should  be  able  to  separate  from  it  with 
;he  least  possible  inconvenience  to  themselves  —  and  I  am 
inxious  particularly  that  they  should  lose  no  opportunity 
>f  obtaining  proper  employment  elsewhere.  If  therefore  the 
situation  offered  be  in  other  respects  satisfactory,  there  is 
nothing  in  your  relations  with  the  Bank  that  should  induce 
you  to  decline  it. 

This  brings  me  to  another  matter  connected  with  it  on 
which  I  proposed  to  write  to  you.  We  are  now  making 
arrangements  with  several  of  the  new  Banks  to  purchase 
the  whole  establishment  of  the  Office  near  them  —  banking 
house,  debts  &  all.  This  plan  is  very  advantageous  to  the 
new  Bank  which  thus  succeeds  to  the  standing,  capital,  de 
posits  &  custom  of  the  Office,  &  to  the  Bank  of  the  U.S.  it 
possesses  the  attraction  of  enabling  them  to  close  the  Office 
at  once.  As  an  example  of  such  a  settlement,  I  will  mention 
what  has  just  taken  place  at  Lexington,  Kentucky.  The  Pres 
ident  &  Cashier  of  the  Office  have  been  appointed  President 
&  Cashier  of  the  Northern  Bank  of  Kentucky — and  that 
Institution  has  agreed  to  take  the  Banking  House  at  the  valu 
ation  hitherto  put  up  upon  it  in  our  schedules  —  &  also  to 
take  the  whole  of  the  current  debt  —  not  including  of  course 
the  domestic  bills  —  at  its  nominal  amount,  giving  the  notes 
of  the  Bank  of  Kentucky  payable  in  I,  2,  3,  &  4  years  with 
interest  at  five  per  cent.  The  suspended  debt  the  Bank  of 
Kentucky  agrees  to  manage  and  collect  without  charge. 

Now,  if  you  could  make  a  similar  arrangement  with  the 
Bank  of  the  State  or  any  other  institution,  it  would  be  satis 
factory  to  us. 

Let  me  hear  from  you  soon  on  this  subject  &  believe  me 
meanwhile 


To  Herman  Cope  255 

BIDDLE  TO  HERMAN  COPE 

Phila.  Augst  II.  1835 
My  dear  Sir 

.  .  .  My  theory  in  regard  to  the  present  condition  of 
the  country  is  in  a  few  words  this.1  For  the  last  few  years 
the  Executive  power  of  the  Gov*.  has  been  weilded  by  a  mere 
gang  of  banditte.  I  know  these  people  perfectly  —  keep  the 
police  on  them  constantly  —  and  in  my  deliberate  judgment, 
there  is  not  on  the  face  of  the  earth  a  more  profligate  crew 
than  those  who  now  govern  the  President.  The  question  is 
how  to  expel  them.  I  believe  that  a  very  large  majority  not 
merely  of  the  intelligence  and  the  property,  but  of  the  num 
bers  of  our  countrymen,  are  disposed  to  expel  them.  It  re 
mains  to  see  how  that  majority  can  be  concentrated  so  as  to 
be  effectual.  As  yet  the  opinions  of  the  opposition  are  un 
formed.  No  man  as  yet  can  combine  them :  they  are  not  fixed 
on  any  one  man.  But  they  are  fixed  on  several  men  who  are 
acceptable  to  various  sections.  Then  the  obvious  course  is,  to 
make  these  several  men  in  the  first  instance  embody  under 
them  the  force  of  these  various  sections  —  and  when  the 
common  enemy  approaches  to  rally  under  a  leader  of  their 
own  choice.  It  is  manifestly  advantageous  to  let  Mr  Web 
ster  lead  the  New  England  forces,  Mr  White  the  Southwest, 
or  South  —  and  wherever  in  any  one  State  there  is  a  strong 
opposition  man  —  to  vote  for  him  as  such  —  and  settle  the 
pretensions  of  the  chiefs  afterwards.  I  have  said  again  and 
again  to  my  friends,  I  have  said  it  this  very  morning,  "This 
disease  is  to  be  treated  as  a  local  disorder  —  apply  local 
remedies  —  if  Gen1.  Harrison  will  run  better  than  any  body 

1  Cf.  Letter  of  Everett  to  Biddle,  June  3,  1835. 


256    Correspondence  of  Nicholas  Biddle 

else  in  Pennsa.,  by  all  means  unite  upon  him."  That  as  far  as  I 
understand  the  case,  is  the  feeling  very  generally  of  the  op 
position  &  Gen1  Harrison  must  not  suppose  that  there  is  in 
this  quarter  any  unwillingness  to  give  him  fair  play.  On  the 
contrary,  he  is  very  much  respected,  and  if  our  friends  are 
satisfied  that  he  can  get  more  votes  in  Pennsa  than  any  other 
candidate  of  the  opposition  they  will  take  him  up  cheerfully 
&  support  him  cordially. 

/  I  have  but  one  remark  more  to  make.  If  Gen1.  Harrison  is 
/taken  up  as  a  candidate,  it  will  be  on  account  of  the  past, 
/  not  the  future.  Let  him  then  rely  entirely  on  the  past.  Let 
I  him  say  not  one  single  word  about  his  principles,  or  his  creed 
V— let  him  say  nothing — promise  nothing.1  Let  no  Com 
mittee,  no  convention — no  town  meeting  ever  extract  from 
him  a  single  word,  about  what  he  thinks  now,  or  what  he  will 
do  hereafter.  Let  the  use  of  pen  and  ink  be  wholly  forbidden 
as  if  he  were  a  mad  poet  in  Bedlam.  Gen1.  Harrison  can  speak 
well  &  write  well  —  but  on  this  occasion  he  should  neither 
speak  nor  write  —  but  be  silent  —  absolutely  and  inflexibly 
silent.  .  .  . 

JOHN  NORRIS  TO  BIDDLE 

Mifflin  County 

Browns  Mills  i6th  November  1835 
dear  Sir, 

...  I  have  not  a  doubt  but  the  Legislature  of  New 
York  would  offer  at  once  a  most  favorable  charter  for  the 
whole  twenty  eight  million :  for  they  have  intelligent  men 
enough  to  take  advantage  of  everything  that  would  have  a 

J  This  advice  shows  that  Biddle's  idea  of  a  campaign  was  similar  to  that  of 
Mark  Hanna  when  the  latter  was  managing  the  candidacy  of  McKinley. 


From  Charles  August  Davis     257 

tendency  to  increase  their  wealth  &  influence  in  the  Union 
—  whether  by  commerce,  manufactures,  or  internal  im 
provement.1  .  .  . 

JASPER  HARDING  TO  BIDDLE 

Philad.  Dec.  4.  1835 
Dear  Sir 

I  have  just  returned  from  Harrisburg  —  every  thing 
looks  as  favourable  as  could  be  expected,  through  the  kind 
ness  of  the  Speaker,  Mr  Middlesworth  2  I  obtained  last 
evening  a  copy  of  the  committees  of  the  House  in  confidence, 
not  to  show  it  in  Harrisburg  to  injure  him,  before  it  was  an 
nounced  from  the  chair,  I  send  you  a  proof  slip  —  Pen- 
nepacker  the  chairman  on  Banks  is  a  very  clever  country 
member  I  should  think  not  disposed  to  throw  difficulties  in 
the  way.  Mr  Lawrence  requested  me  to  give  you  his  best 
respects. 

CHARLES  AUGUST  DAVIS  TO  BIDDLE 

Private  New  York  6  Dec.  1835 

My  Dr.  Sir 

. . .  The  opinion  rapidly  obtains  here  that  Pena.  will 
grant  you  a  Charter  if  Congress  declines  acting  in  the  mat 
ter  —  and  I  dont  believe  one  man  in  a  thousand  here  identi 
fied  with  Trade  but  wd.  rejoice  in  it  —  and  every  time  I  am 
ask'd  about  it  —  my  answer  is  —  that  such  will  no  doubt 

1  The  movement  for  re-charter  began  in  November  of  1835.  In  the  early  part 
of  the  month  Nicholas  Biddle  began  to  receive  letters  from  friends  both  within 
the  state  and  in  New  York  advising  him  to  petition  the  next  session  of  the  Penn 
sylvania  Legislature,  composed,  as  it  was,  of  "flexible  material."  Since  New  York 
seemed  specially  anxious  for  a  charter,  as  the  above  letter  indicates,  the  President 
used  it  to  good  advantage  on  the  home  Assembly. 

2  An  old  Anti-Masonic  leader. 


258     Correspondence  of  Nicholas  Eiddle 

occur  provided  the  State  could  secure  your  services  and  name 
to  preside  over  the  Bank  —  but  I  doubted  if  you  wd.  assent 
—  that  from  all  I  can  gather,  you  intended  to  wind  up  the 
present  institution  —  and  then  devote  yourself  to  higher 
pursuits  than  the  Story  of  Banking.  It  does  me  good  to  worry 
the  dogs  on  this  point  —  a  few  evenings  since  dining  at  the 
Mayors  (where  were  present  the  delegation  to  the  Legislature 
&  "other  leaders  of  the  party")  I  took  occasion  to  reply  thus 
to  the  Enquiry —  and  as  it  was  a  "winder  up"  it  seem'd  to 
me  the  "Chateau"  tasted  better  to  me  afterwards. 

WILLIAM  B.  REED  *  TO  BIDDLE 

Harrisburg.  Decr.  12.  1835. 
Dear  Sir, 

I  have  intended  from  day  to  day  to  write  to  you,  but 
the  very  caution  and  reserve  which  we  are  obliged  to  main 
tain  in  relation  to  the  Bank  measure  operate  to  prevent  any 
development  of  feeling  and  opinion,  worth  communicating. 
I  now  esteem  it  especially  fortunate  that  a  friend  of  the  Bank 
was  placed  at  the  head  of  the  Improvement  Committee. 
That  is  the  only  engine  on  which  we  can  rely  and  if  it  fails  we 
have  no  chance.  Every  one  at  all  acquainted  with  matters 
and  things  here,  particularly  of  late  years  since  the  Canal 
policy  has  been  pursued,  knows  that  the  temptation  of  a  turn 
pike,  or  a  few  miles  of  canal  and  rail  road  as  a  beginning  on  a 
favorite  route  is  nearly  irresistible,  and  I  am  strongly  inclined 
to  think  that  now  a  few  of  the  many  members  who  have  toiled 
year  after  year  for  branches,  and  who  look  to  this  session  as 

1  Chairman  of  the  Inland  Navigation  Committee;  later  Minister  to  China. 
Cf.  sketch  of  life  in  Scharf  and  Westcott,  History  of  Philadelphia,  vol.  I,  pp.  656, 
721-725,  731,  732;  vol.  H,  p.  1167. 


From  William  B.  Reed        259 

their  last  chance  could  vote  against  legislation  that  would 
give  them  their  extensions  and  entrench  upon  nothing  but 
party  prejudices  and  antipathies.  If  this  feeling  cannot  be 
operated  on,  none  other  can.  An  this  applies  to  those  who  are 
here  not  as  friends  of  the  state  administration  and  who  per 
haps  not  being  unwilling  to  see  it  embarassed  could  not  be 
operated  upon  by  the  measure,  if  its  effect  was  to  be  merely 
a  general  relief  from  taxation.  A  reference  to  the  map  and 
the  Senatorial  Districts  will  illustrate  this.  The  Southern  line 
of  Rail  Road  to  connect  through  York  and  Gettysburg  with 
the  Baltimore  and  Ohio  Rail  Road  and  thence  down  the 
Younghegany  to  Pittsburg  would  of  itself  affect  the  votes  of 
at  least  three  if  not  four  Senators.  So  with  the  Erie  extension 
the  North  Branch,  the  West  Branch  survey  (all  that  that  Dis 
trict  wants).  With  respect  to  all  these  new  lines  it  must  be 
borne  in  mind  that  the  commencement  of  the  work  is  all  that 
will  be  wanted.  To  be  able  to  go  home  and  boast  of  having 
made  a  beginning  is  all  that  is  needed.  .  .  .  There  is  another  in 
terest  too  which  must  not  be  overlooked  in  the  Turnpikes  — 
relief  to  them  no  matter  how  small  a  pittance,  will  be  most 
gratefully  received.  By  the  bye,  I  understand  the  Canal 
Commissioners,  in  their  Report  take  up  the  tune  of  the 
Message  and  assuming  the  abundance  of  funds  recommend 
all  the  extensions  as  a  matter  of  course. 

With  all  these  views  you  will  easily  understand  why  I  con 
sider  the  Improvement  Committee,  aided  as  it  may  be  by 
the  Committee  of  Ways  and  Means,  a  powerful  engine  to  ef 
fect  our  purpose.  I  shall  be  glad  to  have  your  views  in  strict 
confidence  as  to  the  course  which  true  policy  dictates  as  re 
spects  new  banks  and  increased  capital.  Petitions  are  rush 
ing  in  upon  us  from  all  quarters.  The  Chairman  of  the  Com- 


260    Correspondence  of  Nicholas  Biddle 

mittee  on  Banks,  Mr  Pennypacker,  is  one  of  the  soundest 
men  we  have.  His  idea  is  to  delay  action  even  in  Committee 
upon  all  these  new  banks,  and  having  ascertained  the  precise 
amount  of  proposed  capital  to  use  it  as  an  argument  for  the 
U.S.  Bank.  This  may  do  very  well  so  far  as  our  city  is  con 
cerned  but  I  am  inclined  to  doubt  the  policy  in  its  general 
application.  For  example  a  very  strong  and  respectable  ap 
plication  has  been  made  for  a  new  bank  at  Pittsburg  where 
it  seems  to  be  conceded  since  the  closing  of  the  branch  that 
more  banking  capital  is  needed.  From  what  I  learn  from 
third  persons  I  find  that  all  the  Pittsburg  members  and  their 
friends  in  the  lobby  attribute  the  dilatory  action  of  the  Com 
mittee  who  have  refused  thus  far  to  report  a  bill,  to  a  secret 
design  on  the  part  of  the  friends  of  the  U.S.B.  to  promote 
its  views.  They  are  consequently  utterly  opposed  to  the  char 
ter.  All  this  I  hear  indirectly  but  still  I  can  depend  on  it. 
Would  it  not  be  better  in  such  a  case  only,  for  the  friends  of 
the  U.S.B.  to  gain  the  Pittsburg  influence  by  aiding  their 
project? 

I  shall  be  very  glad  to  have  your  views  on  this  subject  par 
ticularly  as  well  as  on  all  others  connected  with  the  great 
object  we  have  in  view.  Whatever  you  may  write  I  shall 
consider  strictly  confidential  and  for  my  own  guidance.  It  is 
however  essential  that  I  should  be  fully  apprised  of  all  your 
views.  .  .  . 

You  are  at  liberty  to  show  this  letter  to  Mr  Sergeant  &  to 
any  of  our  common  friends.1 

1  Biddle  had  already  presented  some  of  the  members  of  the  committee  with 
an  account  of  a  proposed  charter  according  to  which  the  new  corporation,  with  a 
capital  of  fifty  millions,  chartered  for  thirty  years,  would  give  two  millions  in  cash 
to  the  state  on  the  day  it  was  incorporated,  and  furthermore  would  make  liberal 
concessions  to  various  internal  improvement  proposals.  This  outline  was  "sus- 


o  Joseph  Mcllvaine          261 


BIDDLE  TO  WILLIAM  B.  REED 

Phil3.  Jan*  15th.  1836 
Dear  sir 

I  have  just  seen  a  letter  from  Harrisburg  stating  that 
in  a  bill  for  chartering  the  Bank  of  the  U.S.  which  is  under 
stood  to  be  now  before  a  Committee  of  which  you  are  Chair 
man,  it  is  contemplated  to  introduce  a  provision  1  that  if  the 
Bank  "interferes  with  politics,  its  charter  may  be  repealed" 
—  and  another  "prohibiting  the  Bank  from  publishing  docu 
ments."  I  lose  no  time  in  stating  to  you,  that  if  such  provi 
sions,  or  any  thing  in  the  remotest  degree  resembling  them 
shall  be  put  into  the  charter,  it  will  be  instantly  rejected  by 
the  Stockholders.  They  have  not  asked  for  this  charter  —  and 
certainly  could  not  accept  it  on  terms  which  might  be  con 
strued  into  a  reproach  on  their  past  administration  of  its 
affairs 

BIDDLE  TO  JOSEPH  MC!LVAINE 

Phila.  Jan*  15.  1836 
Dear  Sir 

I  refer  you  to  Mr  Wallace  for  the  views  entertained  of 

ceptible  of  further  compression,"  wrote  Biddle  to  Mcllvaine,  Biddle's  charge  at 
Harrisburg,  but  the  latter  was  urged  to  call  the  attention  of  the  friends  of  the  meas 
ure  to  the  sound  reasons  why  the  Bank  ought  to  be  re-chartered  by  Pennsylvania. 
These  were:  (i)  that  Pennsylvania  would  thus  become  wealthy  and  surpass  New 
York;  (2)  no  fear  of  foreign  capital,  since  Europeans  had  already  aided  Pennsyl 
vania  in  internal  improvements;  (3)  Philadelphia  had  always  been  the  seat  of  the 
Bank  and  would  become  the  center  of  finances  if  she  re-chartered  the  institution  ; 
(4)  that  New  York's  attacks  were  only  designed  to  break  down  the  Bank  in  Penn 
sylvania  in  order  to  obtain  one  in  New  York;  (5)  a  dissolution  would  mean  the  loss 
of  thirty-five  million,  since  foreign  stockholders  would  not  support  a  bank  in  which 
they  had  no  confidence.  Moreover,  the  bill  was  first  discussed  only  by  friends  of  the 
Bank  in  the  committee  without  the  others  being  fully  informed  on  the  topic. 
1  These  provisions  were  suggested  by  Governor  Ritner  and  Thaddeus  Stevens. 


262     Correspondence  of  Nicholas  Bid  die 

the  changes  in  the  bill  as  stated  in  your  letter  of  the  13th  ins*. 
These  are  entirely  unexpected  and  I  consider  them  fatal 
to  the  whole  plan.  If  the  Congress  of  the  U.S.  passed  the 
bill  in  1832  by  large  majorities  in  both  houses  without  an 
nexing  such  conditions,  there  is  no  reason  why  the  legislature 
of  Pennsa.  should  propose  them  —  and  still  less  reason  for 
our  submitting  to  them.  As  restrictions,  they  are  unavailing 
—  as  indications  of  opinion,  they  are  offensive;  and  a  single 
word  on  that  subject  causes  the  immediate  rejection  of  the 
Act  by  the  Stockholders.  I  have  so  written  to  Mr  Reed.  Un 
less  therefore  these  ideas  be  totally  abandoned,  I  wish  the 
question  of  the  Bank  withdrawn,  as  it  seems  useless  to  pro 
long  a  negociation  which  must  be  abortive. 

JOHN  B.  WALLACE  TO  BIDDLE 

Harrisburg  January  18  1836 
Dear  Sir 

Upon  conferring  with  Mr  Stevens  to-day  he  agreed 
without  difficulty  to  waive  the  section  respecting  political  in 
terferences  etc.  The  Internal  Improvement  committee  are 
now  sitting  upon  the  bill — it  will  go  through  that  committee 
to-night  &  be  reported  to  the  House  tomorrow  —  as  little  de 
lay  as  possible  will  take  place  in  urging  it  through  the  house. 
It  may  be  detained  longer  in  the  Senate,  but  its  friends  will 
push  it  as  fast  as  possible.  It  is  expedient  to  do  so  —  as  it  is 
obvious  an  organized  opposition  originating  at  Washington, 
is  getting  up  —  and  as  little  time  as  possible  must  be  allowed 
for  it  to  operate  upon  the  Senate  —  So  soon  as  the  bill  is 
printed,  a  copy  will  be  sent  you.  .  .  . 


To  Joseph  Mclhaine          263 

JOHN  B.  WALLACE  TO  BIDDLE 

Harrisburg  —  January  19.  1836 
Dear  Sir 

As  you  are  well  informed  by  others  of  the  state  of  things 
here,  I  do  not  trouble  you  with  a  recital  of  what  you  know.  I 
may  however  add  my  decided  opinion  that  the  bill  *  is  safe 
—  unless  something  entirely  unexpected  occur — Washington 
influence,  county  meetings  etc  will  not  prevent  it — ...  If  the 
government  of  the  U.S.  had  had  as  able  a  charge  at  Paris  as 
you  have  in  Mcllvaine  here,  our  relations  with  France 2  would 
have  been  in  a  very  different  situation  from  what  they  are. 

BIDDLE  TO  JOSEPH  MC!LVAINE 

Phila.  Jany  31.  1836 
Dear  Sir, 

Since  writing  to  you  this  afternoon,  I  have  heard  some 
matters  about  the  Bill  which  have  changed  my  views  of  its 
actual  position  —  and  produced  a  corresponding  alteration 

1  The  bill  was  introduced  on  this  date.  The  title  of  the  act  of  incorporation 
was  unique.  It  was  styled  "An  Act  to  Repeal  the  State  Tax  on  Real  &  Personal 
Property  and  to  continue  &  extend  the  improvements  of  the  State  by  Railroads 
&  Canals,  and  to  charter  a  State  Bank  to  be  called  the  United  States  Bank."  In 
other  words,  the  re-charter  articles,  drawn  up  with  consummate  skill  by  those  per 
fectly  conversant  with  the  subject,  appeared  as  clauses  in  a  general  appropriation 
measure.  But  this  did  not  deceive  the  citizens  of  the  state  nor  the  nation  at  large. 
On  January  5,  the  Richmond  Enquirer  had  called  the  attention  of  the  people  of 
Pennsylvania  to  the  need  of  stability  in  the  legislature  on  account  of  the  devious 
maneuvers  of  the  old  Bank.  The  Bank  papers  might  remain  silent  on  the  topic,  but 
the  presence  of  lobbyists  at  Harrisburg  and  the  fact  that  the  stock  had  risen  from 
no  to  ii 8  in  a  few  days  were  signs  that  could  not  be  mistaken.  Public  meetings 
had  been  held  for  the  purpose  of  proclaiming  that  the  people  had  "no  principles 
to  barter  for  gold";  and  everything  had  been  done  to  arouse  the  people  to  a  sense 
of  their  duties.  Cf.  American  Sentinel,  January  21,  25,  1836;  Pennsylvanian,  Janu 
ary  9.  J5i  18,  22,  1836. 

2  The  subject  of  President  Jackson's  relations  with  France  are  discussed  in 
MacDonald,  William,  Jacksonian  Democracy  (New  York,  1907),  pp.  204-209; 
Sumner,  W.  G.,  Andrew  Jackson  (Boston,  1898),  pp.  402-439. 


264    Correspondence  of  Nicholas  Biddle 

in  the  intentions  announced  in  my  letter.  The  interests  de 
pending  on  the  event  are  too  important  to  omit  any  proper 
opportunity  of  promoting  it  —  and  I  therefore  strengthen 
your  hands  with  the  inclosed  which  you  will  use  discreetly  & 
only  in  case  it  should  be  necessary.1 

CHARLES  S.  BAKER  2  TO  BIDDLE 

Harrisburgh  Friday  evening 

February  5th  1836 
Dear  Sir 

Yesterday  and  to  day  has  been  spent  in  Skirmishing 
—  the  troops  being  raw  thay  could  not  be  brought  to  close 
action  —  a  counsel  of  war  has  been  held  and  it  has  been 
resolved  to  force  the  matter  to-morrow.  Burden  3  is  to  lead 
on  and  I  assure  you  he  is  in  a  happy  state  of  mind  to  per 
form  that  service.  Mr  Penrose  is  now  all  confidence  and  in 
conjunction  with  Dr  Burden  &  Mr  Stevens  is  now  engaged  in 
arraigning  every  thing  for  to  morrow.  A  test  vote  will  be 
brought  to  beare  upon  the  matter  to-morrow  and  I  think 
will  evidence  we  are  Strong,  very  strong,  in  the  Senate  — 
success  I  consider  certain. 

1  This  letter  refers  to  the  chief  difficulty  encountered  by  the  friends  of  the 
bill  in  the  committee  stage  in  the  Senate.  Senator  Dickey  stated  his  determination 
to  have  a  branch  in  Beaver  County.  This  the  noble  Senator  declared  was  his 
sine  qua  non,  as  it  was  the  only  possible  excuse  he  could  offer  his  constituents  for  his 
vote.  Mcllvaine  acknowledged  the  justice  of  the  Senator's  contention,  expecially  as 
the  latter  threatened  to  vote  against  the  bill  and  carry  two  votes  with  him.  Biddle, 
in  reply  to  a  request  for  advice  from  his  charge,  stated  that  he  was  not  opposed  to  a 
branch  at  Beaver,  but  to  the  naming  of  a  branch  anywhere  which  might  lead  to 
the  naming  of  others.  Still,  if  the  Senator  insisted  upon  it,  Biddle  was  willing  to 
agree  and  wrote  the  above  letter  to  Mcllvaine.  For  a  careful  discussion  of  this  sub 
ject,  cf.  Report  of  the  Select  Committee  Relative  to  the  United  States  Bank  together  with 
the  Testimony  taken  in  Relation  thereto  (Paterson,  1837),  p.  5. 

2  A  Whig  member  later  voted  against  the  passage  of  the  bill.  A  defense  of  his 
position  is  given  in  the  Pennsylvanian,  February  26,  1836. 

*  Representatives  from  the  County  of  Philadelphia  in  the  Senate. 


From  Samuel  R.  Wood        265 


JOHN  McKiM  JR.  TO  BIDDLE 

Baltimore  Feby  6th  1836 
Dear  Sir 

As  I  wrote  to  you  on  the  3d  Inst.  that  a  favourable 
Charter  for  the  Bank  of  the  United  States  could  be  obtained 
in  this  State,  I  have  since  Indeavoured  to  find  out  what  could 
be  done  at  Annapolis,  as  our  Legislature  our  much  in  favour 
of  the  Bank  of  the  United  States  and  the  following  is  the 
Result  of  my  Enquire 

A  Charter  could  it  is  Believed  be  obtained  on  the  following 
terms, 

Ist  Individual  Stock  to  the  Am1,  of  28  Millions 

2d  A  State  Subscription  for  7  Millions,  Payable  in  5  pr  c* 
State  Stock,  Redeemable  at  the  time  of  the  Expiration  of 
the  Charter. 

3d.  The  Charter  to  continue  for  30  years 

4th.  The  Company  to  have  Liberty,  to  Establish  Branches 
or  Agencies,  in  A  State  or  Territory  of  the  United  States, 
Who  Will  give  Liberty  to  them  to  do  so. 

5th.  The  Corporation,  Will  annualy  Pay  to  the  State  the 
sum  of  one  Hundred  Thousand  Dollars  during  the  Existance 
of  its  Charter.  .  .  . 

SAMUEL  R.  WOOD  TO  BIDDLE 

Harrisburg  2mo  loth  1836 
My  dear  friend 

I  wrote  to  thee  yesterday  by  Jacob  Louder  who  left 
at  Midnight  and  who  was  to  leave  my  letter  &  others  at 
Smith  &  Hodgson's  store  and  I  hope  thee  got  it  early  in 
evening. 


266     Correspondence  of  Nicholas  Biddle 

A  strange  scene  has  been  played  off  in  Senate  this  day. 
After  the  usual  morning  business  Mr  Fullerton  of  Franklin 
Co.  rose  in  his  place  and  said,  that  the  Reporter  &  Journal  of 
yesterday  contained  a  direct  charge  of  an  offer  made  to  bribe 
an  honourable  senator,  &  that  he  was  unwilling  to  proceed 
untill  an  investigation  was  entered  into;  &  moved  that  the 
Sergant  of  Arms  be  directed  to  bring  forthwith  to  the  bar  of 
the  Senate  Samuel  D.  Patterson  &  O.  Barrett  the  editors  of 
said  paper  —  this  resolution  was  adopted  with  very  little 
debate,  and  in  about  half  an  hour  these  two  gentlemen  were 
at  the  Bar.  Patterson  had  not  written  the  article  or  Knew 
any  thing  about  it,  but  the  other  avowed  having  written 
it  &  stated  that  Jacob  Krebs,  the  Senator  from  Schuylkill 
County  was  his  informant.  That  he  heard  from  another 
person  that  such  an  offer  had  been  made  to  Krebs  about 
ten  days  ago.  That  he  called  on  him,  asked  him  if  the  report 
was  true  &  was  informed  by  him  that  it  was,  but  that  he  would 
not  tell  the  name  of  the  individual  who  made  the  offer  of  the 
bribe.  The  evidence  of  Barrett  was  not  concluded  untill 
dinner  time  when  the  Senate  adjourned  untill  half  past  3 
o'clock.  Mr  Krebs  was  then  called  upon  &  he  read  from  his 
place  a  statement  of  the  offer.  I  did  hope  to  have  been  able 
to  have  got  a  copy  of  this,  but  the  committee  are  not  willing 
to  let  it  go  out.  The  substance  of  it  is  that  James  L.  Dunn  of 
Reading  came  to  him  in  the  Senate  Chamber  on  the  28th  of 
last  month  and  stated  that  if  this  Bank  Bill  should  pass  that 
his  (Dunns)  coal  lands  in  Schuylkill  County  would  very 
much  advance  in  price,  and  wished  Krebs  to  vote  for  the  Bill. 
That  if  he  would,  he  (Dunn)  would  give  Krebs  one  half  of  the 
amount  of  the  rise  which  he  estimated  at  4,000  dollars  but 
that  should  the  lands  raise  in  value  ten  thousand  dollars 


From  Samuel  R.  Wood        267 

which  they  might,  that  he  would  in  that  case  give  him  five 
thousand  dollars.  Krebs  gave  him  no  answer  on  that  evening. 
Dunn  called  next  morning  and  pressed  it  on  him  but  he  de 
clined  and  afterwards  avoided  Dunn. 

That  on  the  3<Dth  of  January  or  first  of  March  Henry  W. 
Conrad  a  member  of  the  House  of  Representatives  from 
Schuylkill  County  told  Krebs  that  he  would  insure  him 
twenty  thousand  dollars  if  he  would  vote  for  the  Bank  Bill, 
and  that  if  he  agreed  to  it  Bird  Patterson  would  make  the  ar 
rangement  and  that  he  should  have  the  money  in  two  weeks 
after  the  Bill  passed  —  after  the  Senator  had  read  his  state 
ment  a  motion  was  made  to  appoint  a  committee  with  power 
to  send  for  persons  &  papers — which  was  agreed  to  &  Baker, 
Toland,  Leet,  Strohm  &  Langston  named  as  the  Committee 
when  the  Senate  adjourned. 

How  Dunn  will  get  out  of  it  is  doubtful  but  all  believe  that 
Conrad  was  only  in  jest  and  that  the  old  man  was  weak 
enough  to  take  it  for  earnest — for  there  was  two  or  three  per 
sons  present  when  Conrad  made  the  offer.  Conrad  has  been 
one  of  the  most  violent  and  determined  opposers  of  the  Bill 
in  the  House.  The  violent  opposers  here  have  endeavoured  to 
produce  an  excitement  out  of  this  matter  &  are  woefully  dis 
appointed.  They  have  evidently  weakened  themselves  by  it 
and  look  discouraged  &  ashamed.  The  friends  of  it  bore  them 
much  and  are  in  high  spirits  as  to  the  result.  They  will  take 
up  the  Bill  to-morrow  and  I  hope  nothing  will  interrupt  its 
passage.1 

1  The  "Krebs  affair,"  mentioned  in  the  above  letter  became  the  main  issue  in 
the  latter  part  of  the  passage  of  the  Bank  Bill.  Committees  were  appointed  in 
both  the  Senate  and  the  House.  The  Senate  Report  disclosed  the  fact  that  Patter 
son  had  not  approached  Krebs  directly,  but  indirectly  through  Conrad;  that  the 
former  had  authorized  Conrad  to  request  Krebs  to  offer  an  amendment  to  the  bill 


268     Correspondence  of  Nicholas  Bid  die 


J.  R.  INGERSOLL  TO  BIDDLE 

House  of  representatives 

Washington  March  17th  1836 
My  Dear  Sir 

Mr  Evans  of  Maine  has  exhibited  to  me  a  letter  from 
certain  Gentlemen  to  the  East  who  are  anxious  to  know  the 
views  of  your  Bank  with  regard  to  the  establishment  of 
branches  or  agencies,  in  other  states.  They  have  in  view  a 
branch  or  agency  in  Bangor:  and  desire  to  know  whether  they 

to  get  an  appropriation  to  the  Danville  &  Pottsville  Railroad;  but  Patterson  denied 
that  Krebs  had  been  told  "he  might  retire  to  private  life  independent  if  he  voted 
for  the  measure."  Therefore  the  committee  reported  that  they  were  perfectly 
convinced  that  neither  the  Bank  of  the  United  States  nor  any  agent  of  it  were 
either  implicated  in  the  charge  of  bribery  or  had  improperly  interfered  to  promote 
its  passage.  The  House  Report  was  along  the  same  lines  and  reached  the  same 
conclusion.  Cf.  American  Sentinel,  February  15,  1836;  National  Gazette,  February 
18,  1836;  Pennsyka-nian,  February  18,  1836;  New  York  Journal  of  Commerce,  Feb 
ruary  16,  1836;  Niles,  April  9,  1836. 

Throughout  the  whole  episode  the  correspondence  of  the  agents  of  the  bank  to 
Biddle  had  taken  about  the  same  stand  as  that  of  the  House  Committee.  Mcllvaine, 
writing  on  February  5,  stigmatized  the  affair  of  old  Krebs  as  a  "humbug";  Todd 
described  the  case  as  "all  smoke  ";  while  Wallace  wrote  he  was  unable  to  determine 
whether  Krebs  was  "so  utterly  stupid  as  not  to  understand  the  meaning  &  nature 
of  a  bribe  or  so  wicked  as  to  pervert  perfectly  innocent  conversations  to  political 
profit." 

The  bill  re-chartering  the  old  Bank  was  signed  February  18.  From  all  sides 
Nicholas  Biddle  received  the  congratulations  and  plaudits  of  his  friends.  The  stock 
of  the  Bank  rose  from  125  to  129  in  less  than  a  week,  and  property  in  Erie,  Penn 
sylvania,  doubled  in  value.  (Cf.  Russell  to  Buchler,  February  28,  1836,  in  Wolf 
MSS.  in  Pennsylvania  Historical  Society  Library.)  In  the  United  States  Senate 
Ewing  of  Ohio  triumphantly  proclaimed  the  re-charter,  while  Calhoun  renewed 
his  attacks  on  the  Administration.  But  the  opponents  of  the  old  United  States 
Bank  did  not  falter  in  their  opposition.  The  Ohio  Legislature  passed  a  bill  pro 
hibiting  the  establishment  of  agencies  or  branches  in  that  state,  much  to  the  sur 
prise  and  alarm  of  Biddle  and  his  friends  (cf.  Pennsylvania,  March  25,  1836). 
Rumors  were  likewise  circulated  regarding  the  supposed  antagonism  of  Virginia 
and  New  York  (ibid.,  February  24,  1836).  Even  President  Jackson  contemplated 
action  against  the  bill  when  draftirfg  the  Specie  Circular.  This  is  disclosed  in  the 
Jackson  MSS.  in  a  memorandum  containing  an  addition  to  the  Treasury  Circular. 
This  is  endorsed  by  Jackson  "to  be  considered  as  to  the  present  or  future  time." 


From  Stephen  F.  Austin        269 

could  arrange  the  appointment  of  individuals  by  whom  it 
would  be  conducted  subject  of  course  to  the  parental  direc 
tion  of  the  Bank.  They  wish  to  commence  with  a  capital  of 
$500,000  with  the  right  to  increase  it  from  time  to  time  as  the 
business  may  warrant.  .  .  . 

While  I  have  been  writing  at  my  desk  a  neighbour  of  mine 
has  asked  me  whether  it  was  the  design  of  the  Bank  to  estab 
lish  an  agency  at  Erie.  He  resides  at  Buffalo  and  thinks  that 
the  business  which  has  heretofore  been  conducted  at  that 
place  may  be  without  difficulty  transferred  to  Erie. 

STEPHEN  F.  AUSTIN  l  TO  BIDDLE 

Philadelphia  April  9.  1836. 
Sir, 

As  the  enclosed  memorandum  embraces  the  outlines 
of  the  Loan  for  Texas  on  which  I  conversed  with  you  this 
morning,  I  take  the  liberty  of  handing  it  to  you. 
^  I  should  esteem  it  as  a  favor,  if  I  could  be  informed  within 
a  short  time,  whether  you  think  any  thing  could  be  effected 
in  this  matter. 

I  consider  the  cause  of  Texas  is  the  cause  of  freemen,  and  of 
mankind,  but  more  emphatically  of  the  people  of  the  United 
States  than  any  other.  I  flatter  myself  that  you  view  it  in  the 
same  light,  and  that  the  security  we  offer  is  good,  and  there 
fore  have  no  doubt  you  will  give  to  it  the  attention  which  its 
importance  merits. 

The  leading  men  of  all  parties  in  Washington  are  favor 
ably  disposed  towards  Texas.  A  reference  to  them  will,  I 
think,  satisfy  all  persons  as  to  this  fact. 

1  Son  of  Moses  Austin,  pioneer  of  Texas.  Sent  as  commissioner  of  state  to 
secure  recognition  of  the  United  States. 


270     Correspondence  of  Nicholas  Bid  die 

(enclosed  memorandum) 

It  is  proposed  to  negociate  a  Loan  for  the  Government  of 
Texas,  on  the  following  basis. 

The  Commissioners  of  Texas  shall  assign  to  the  Bank  of  the 
United  States  at  Philadelphia,  the  Bonds  of  the  Government 
of  Texas,  which  they  hold,  for  the  sum  of  500,000  payable 
in  not  less  than  5  years,  and  redeemable  thereafter  at  the  pleas 
ure  of  the  State  at  the  rate  of  20%  per  annum,  and  if  not  so 
redeemed  at  the  end  of  ten  years,  to  be  wholly  redeemable  at 
6  months  notice  thereafter,  and  bearing  an  interest  of  8% 
per  annum  to  be  held  in  Trust  by  said  Bank,  for  the  benefit 
of  the  holders  of  a  scrip  to  be  issued  by  the  Commissioners, 
based  on  said  Bonds. 

Books  of  Subscription  shall  be  opened  in  the  cities  of  Bos 
ton,  New  York,  Philadelphia  and  Baltimore,  for  a  scrip  to  be 
issued  by  the  Commissioners  in  shares  of  $100,  which  said 
scrip  shall  entitle  the  holder  to  an  interest  in  said  Bonds 
equal  to  the  amount  of  Scrip  thus  held  by  him,  and  said  Scrip 
shall  be  payable  as  follows; 

Of  all  purchases  of  land  at  the  land  offices  in  Texas,  20% 
of  the  sums  due,  may  be  paid  and  shall  be  receivable  in  said 
scrip. 

Of  all  customs  due  at  the  Custom  Houses  of  Texas  20% 
of  the  sums  due,  may  be  paid,  and  shall  be  receivable  in  said 
Scrip. 

The  holder  shall  be  entitled  to  an  interest  of  8%  per 
annum,  payable  at  the  Bank  of  the  United  States  in  Phila 
delphia,  on  all  portions  of  said  Scrip  unpaid,  and  the  Gov 
ernment  of  Texas  shall  have  the  privilege  of  paying  the  whole 
amount  of  said  scrip,  and  redeeming  their  said  Bonds,  by 


Edward  R.  Biddle          271 

paying  20%  of  the  principal  annually,  after  the  expiration 
uf  5  years,  or  the  whole  payable  at  6  months  notice  after  the 
expiration  of  10  years. 

The  payments  of  the  Subscribers  to  said  Scrip  shall  be  made, 
25%  at  the  time  of  subscription,  and  the  remainder  in  3  equal 
payments  at  60,  90  &  120  days  there  after,  to  be  secured  at 
the  time  of  subscription,  by  the  notes  of  the  subscribers,  en 
dorsed  to  the  satisfaction  of  the  Directors  of  the  Bank  of  the 
United  States,  or  persons  appointed  by  them,  &  payable  at 
such  place  as  said  Directors  shall  designate,  provided  the 
same  be  in  the  cities  when  said  stock  is  subscribed. 

The  Bank  of  the  United  States  shall  discount  the  notes 
thus  paid  in,  and  pay  over  the  whole  amount  of  the  proceeds 
thereof,  and  the  amount  of  the  first  instalment  thus  paid 
in,  to  the  Commissioners  of  Texas,  and  hold  said  Bonds  as 
an  additional  guarantee  for  the  payment  of  said  notes. 

BIDDLE  (?)  TO  EDWARD  R.  BIDDLE  * 

Phila  March  20,  1837 
My  dear  Sir, 

...  I  have  made  up  my  mind  to  two  things  —  which\ 
I  give  to  you  as  elements  in  your  calculations —  Ist  That  it 
is  not  our  interest  to  prop  people  who  must  fall  —  and  there 
fore  I  shall  not  be  inclined  to  advance  a  dollar  further  for   / 
any  body  unless  under  very  peculiar  circumstances,  and  2.  / 
That  the  Treasury  Circular  will  not  be  immediately  repealed. 
Such  at  least  is  the  present  intension  of  the  Chief  who  is  al 
ready  discovered  to  be  weak  &  vacillating.  How  this  will  affect 
your  money  market  you  can  best  judge  .  .  . 

1  Engaged  in  the  brokerage  business  in  New  York  City;  the  second  or  third 
cousin  of  Nicholas  Biddle. 


272     Correspondence  of  Nicholas  Biddle 


THOMAS  COOPER  TO  BIDDLE 

Columbia  South  Carolina 

private  April  29.  1837 

Dear  Sir 

I  wrote  a  letter  to  you  some  time  ago  on  behalf  of  our 
Iron  company:  subsequent  events  have  furnished  a  sufficient 
reply. 

I  enter  upon  my  79th  Year,  next  October.  By  the  time  Mr 
Van  Beuren's  first  period  has  expired,  I  shall  be  superannu 
ated.  I  can  have  therefore  no  selfish  motive  in  my  present 
proposal.  The  tide  is  turning  strongly  agst  the  measures  of 
the  last  and  present  Administration.  The  poor  now  groan 
under  the  financial  follies  of  Gen.  Jackson  as  well  as  the 
rich.  To  be  sure,  over  trading  and  gambling  speculation  will 
account  for  three  fourths  of  the  present  distress,  but  no  one 
can  be  blind  to  the  effects  produced  by  the  desperate  igno 
rance  of  the  last  President. 

At  this  moment  your  judicious  conduct  has  placed  you 
prominent  as  a  wise  and  temperate  man,  and  a  public  bene 
factor.  You  can  go  on  pursuing  cautiously  the  same  course  of 
conduct,  and  earning  on  all  hands  golden  opinions. 

Why  not  look  to  the  Presidency? 

Can  your  name  be  brought  forward  at  a  time  more  ad 
vantageous  than  the  present?  You  are  rising,  your  oppo 
nents  are  falling:  strike  the  ball  on  the  rebound,  and  I  think 
this  is  the  moment. 

Is  there  any  chance  of  success  for  such  imbecilles  as  Ben  ton, 
Harrison,  or  even  White?  Men  without  preliminary  study, 
without  knowledge  patiently  and  laboriously  acquired,  with 
out  the  business  tact  of  experience,  and  floating  on  the  bubbles 


From     oel  R.  Poinsett         273 


of  popular  clamour.  Think  of  this :  and  if  needful  command 
my  services,  such  as  they  may  be.  I  am,  and  so  may  you  be, 
in  the  odour  of  political  sanctity  in  this  State :  and  this  State  is 
the  South;  for  we  have  earned  the  character  of  honesty  & 
energy.  We  have  here  two  men  of  plausible  &  fair  pretensions : 
of  those  pretensions  I  say  nothing  at  present;  the  subject  may 
be  discussed,  if  needful,  by  and  by. 

The  present  suggestion  is  my  own :  received  from  and  com 
municated  to  no  one  but  yourself:  &  so  it  shall  remain  till  you 
decide.  .  .  . 

JOEL  R.  POINSETT  1  TO  BIDDLE 

Washington 

6th.  May  1837 
My  dear  Sir 

I  read  with  great  interest  Mr  Coxe's  letter,  which  I 
now  return.  It  confirms  the  melancholy  state  of  things  you 
explained  to  me  as  existing  in  the  West,  and  for  which  I 
see  no  present  remedy.  The  suspension  of  the  distribution  2 
presents  the  most  substantial  relief:  but  although  we  may 
have  some  legal  excuse  to  suspend  that  of  October,  the  in 
stalment  due  the  states  in  July  will  I  understand  be  paid. 

Can  you  not  in  your  financial  knowledge  and  experience 
devise  some  plan  by  which  a  wholesome  control  may  be  ex 
ercised  over  bank  issues  and  exchanges  be  brought  back  to 
which  they  were  before  the  destruction  of  the  Bank  —  Some 
measure  apart  from  a  national  bank  even  although  it  might 
be  connected  with  the  operations  of  a  great  state  institu- 

1  Secretary  of  War  under  Van  Buren. 

2  The  best  work  on  this  topic  is  Bourne,  E.  G.,  The  History  of  the  Surplus 
Revenue  of  1837  (New  York,  1885). 


274    Correspondence  of  Nicholas  Bid  die 

tion.  I  see  obstacles  to  the  charter  of  a  national  bank  that 
are  insuperable  in  the  present  state  of  things,  and  would 
gladly  avail  myself  of  your  skill  to  support  some  measure 
which  might  save  us  the  repetition  of  the  evils  we  are  now 
suffering. 

BIDDLE  TO  JOEL  R.  POINSETT 

Phila  May  8.  1837 
My  dear  Sir  — 

I  have  always  thought  that  the  best  thing  which  Mr 
Van  Buren  could  do  in  reference  to  himself  personally,  as  well 
as  to  his  political  party,  would  be  to  make  peace  with  the 
Bank  —  and  the  present  state  of  things  furnishes  an  admi 
rable  opportunity  of  accomplishing  that  object.  Why  indeed 
should  he  not?  To  all  the  members  of  the  Cabinet  except 
one,1  I  personally  have  always  stood  in  a  friendly  relation, 
and  in  regard  to  the  President  himself  there  is  no  sort  of 
personal  difference.  The  way  therefore  would  be  open  for 
a  general  amnesty  —  which  for  the  sake  of  the  country  I 
am  willing  to  consent  to — and  I  do  believe  that  just  now 
the  effect  would  be  electric  &  decisive. 

BIDDLE  TO  JOEL  R.  POINSETT 

Phil8  May  8.  1837 
Dear  Sir  — 

I  received  last  evening  your  favor  of  the  6th  inst.  The 
course  of  the  Gov*.  being  I  presume  settled  as  according  to 
the  newspapers,  it  now  remains  only  to  do  what  we  can  to 
diminish  the  sufferings  of  the  country,  and  for  this  I  shall 
certainly  work  as  hard  as  if  I  had  caused  them. 

1  This  evidently  refers  to  Woodbury. 


To  Joel  R.  Poinsett  275 

You  ask  whether  some  plan  could  not  be  devised  by  which 
the  issues  of  the  banks  &  the  exchanges  could  be  regulated 
as  formerly,  by  a  connection  with  some  large  state  Bank.  I 
have  no  doubt  of  it.  I  have  no  doubt  that  at  this  moment  the 
simplest  &  easiest  form  of  relief  would  be  to  make  the  pres 
ent  Bank  of  the  U.S.  the  depositors  of  the  public  revenue. 
It  would  be  only  necessary  — 

Ist.  To  let  the  Treasury  &  the  Bank  agree  that  the  Bank 
should  take  charge  of  the  public  revenue  —  collect  and  dis 
tribute  it  —  relieve  the  Treasury  from  all  trouble  about  it. 

2d.  To  let  the  Treasury  —  without  disturbing  or  formally 
repealing  the  specie  circular  1  —  direct  the  receivers  to  take 
the  notes  of  the  Bank  of  the  U.S. 

3d.  The  Bank  would  then  appoint  its  own  agents  —  or 
affiliate  with  it  other  State  Banks  —  being  of  course  respon 
sible  for  them  all  —  &  the  whole  system  of  the  public  revenue 
as  it  was  in  1830  —  which,  now  we  may  speak  of  it  histori 
cally,  was  an  admirable  one  —  would  be  all  restored. 

The  Western  State  Banks  have  mostly  officers  of  the  late 
Bank — the  whole  country  asks  nothing  better  than  its  notes 
which  are  now  every  where  at  a  premium,  and  both  at  homei 
&  abroad  the  Bank  has  a  reputation  which  it  can  put  at  the  \ 
service  of  the  Government. 

I  sincerely  believe  that  in  a  week's  time  such  an  arrange 
ment  would  restore  confidence  &  credit. 

The  very  prospect  of  it  would  stop  many  of  the  evils  which 
are  impending. 

And  why  should  it  not  be?  If  the  thing  promises  well,  why 
should  we  be  deterred  from  attempting  it?  Why  should  Mr 

1  For  a  discussion  of  the  Specie  Circular,  consult  MacDonald,  Jacksonian 
Democracy,  pp.  286-291. 


276     Correspondence  of  Nicholas  Eiddle 

Van  Buren  &  Mr  Forsyth  &  Mr  Dickerson  &  Mr  Woodbury 
&  yourself  not  agree  to  any  project  which  promises  relief, 
even  tho'  the  name  of  the  Bank  be  connected  with  it.  I  am 
sure  you  are  all  above  the  indulgence  of  any  feeling  on  that 
score  —  and  for  myself,  I  am  perfectly  willing  to  forget  all 
the  quarrels  with  the  last  administration,  which  neither  party 
would  desire  to  have  perpetuated. 

/  Politically  the  effect  would  undoubtedly  be  good.  Pennsyl- 
/  vania  would  be  pleased,  and  the  whole  country  would  regard 
V  it  as  a  proof  of  returning  peace. 

It  would  require  a  little  time  to  mount  again  the  machinery, 
but  it  could  be  done  without  much  delay,  &  in  the  mean  time 
the  very  knowledge  that  it  was  intended,  would  be  infinitely 
soothing  in  the  present  initated  condition  of  things. 

Now,  my  dear  sir,  there  is  a  project  for  you.  If  you  can  bring 
it  to  bear,  you  will  have  done  great  good  to  the  country — a 
work  in  which  you  will  always  find  a  ready  cooperation. 

BIDDLE  TO  GENERAL  ROBERT  PATTERSON  * 

Phila  May  8.  1837 
Dear  Sir  — 

In  a  letter  which  I  have  written  by  this  mail  to  Mr 

Poinsett,  I  have  suggested  a  measure  which  I  think  would  be 

a  brilliant  stroke  of  policy,  &  give  immediate  confidence  to 

/the  country.  It  is  simply  this,  that  the  Gov'.  should  make  the 

/  Bank  of  the  U.S.  the  depository  of  the  public  funds,  and  with- 

lout  repealing  the  specie  circular,  authorize  the  reciept  of  the 

paper  of  the  Bank  for  dues  to  the  Government.  You  will 

see  at  a  glance  the  advantages  of  such  a  movement.  .  .  . 

1  In  1836  Patterson  was  the  President  of  the  electoral  college  that  cast  the 
vote  of  Pennsylvania  for  Martin  Van  Buren.  One  of  the  largest  mill-owners  in  the 
United  States. 


To  Thomas  Cooper  277 

What  prevents  this  ?  Some  old  feeling  of  party  ?  Certainly 
not.  We  have  fought  out  the  battle  with  the  last  adminis 
tration —  with  what  success  it  is  not  for  me  to  say  —  but  at\ 
least  we  fought  it  fairly,  and  we  do  not  wish  to  fight  it  over  I 
with  this  administration. 

I  submit  all  these  matters  to  you,  and  if,  as  I  trust,  you  will 
see  them  in  the  same  light,  I  would  ask  your  immediate  con 
currence  in  carrying  it  into  effect.  I  care  not  how  it  begins,  or 
who  proposes  it,  but  if  it  be  necessary  for  me  to  commence, 
I  am  agreed.  I  am  too  proud  to  think  my  step  humiliating 
which  may  benefit  this  poor  bleeding  country  of  ours. 

GENERAL  ROBERT  PATTERSON  TO  BIDDLE 

Confidential  Washington  8  May  1837 

My  dear  Sir 

I  called  this  morning  on  Mr  Van  Buren  and  had  nearly 
an  Hours  conversation  with  him  —  going  over  the  whole 
ground  —  he  is  evidently  in  an  unpleasant  position 1  —  con 
scious  of  the  impending  danger  —  and  yet  anxious  to  avoid 
doing  anything  which  might  appear  to  be  a  departure  from 
the  policy  of  his  predecessor  .  .  . 

BIDDLE  TO  THOMAS  COOPER 

Phila.  May  8.  1837 
My  dear  Sir, 

I  have  had  the  pleasure  of  receiving  your  favor  of  the 
29th  ult°,  and  rejoice  to  see  in  it  the  same  vigor  of  mind  &  of 
style  which  I  have  admired  for  five  &  twenty  years.  I  hope 
it  may  carry  you  through  many  Presidential  Olympiads. 

1  The  Van  Buren  MSS.  in  the  Library  of  Congress  show  clearly  that  Van  Buren 
thought  he  ought  to  follow  in  the  footsteps  of  President  Jackson. 


278     Correspondence  of  Nicholas  Biddle 

I  thank  you  for  your  approbation  of  my  public  conduct, 
which,  whatever  may  be  the  result,  has  been  dictated  by  a 
very  honest  desire  to  protect  the  great  interests  of  the  country. 

In  relation  to  the  friendly  suggestion  which  forms  the  pur 
pose  of  your  letter,  I  have  received  from  various  quarters 
intimations  of  a  disposition  to  connect  my  name  with  the 
next  election  of  President.  These  I  have  never  considered 
seriously,  nor  indeed  noticed  at  all :  but  to  you  I  will  speak 
for  the  first  time  &  without  reserve. 

I  believe  that  the  prosperity  &  the  character  of  the  country 
require  that  those  who  now  govern  it  should  be  removed  and 
that  all  true  men  should  unite  to  expel  them  —  each  taking 
the  position,  either  of  chief  or  subaltern,  which  the  general 
voice  assigns  to  him.  I  am  quite  sure  that  I  have  not  the 
least  affectation  in  saying,  that  to  myself  personally,  the  office 
has  not  the  slightest  attraction.  Its  dignity  has  been  degraded 
by  the  elevation  to  it  of  unworthy  men  —  and  as  to  mere 
power,  I  have  been  for  years  in  the  daily  exercise  of  more 
personal  authority  than  any  President  habitually  enjoys.  But 
I  stand  ready  for  the  country's  service.  If  therefore  you  think 
that  my  name  can  be  productive  of  good,  I  am  content  to 
place  it —  as  I  now  do,  at  your  disposal  —  under  a  conviction 
of  the  friendly  &  discreet  manner  in  which  alone  it  will  be 
employed. 

THOMAS  COOPER  TO  BIDDLE 

Private  Columbia  May  14.  1837 

Dear  Sir 

My  friend  the  Governor  of  this  State,  a  man  of  no 
brilliant  talents,  of  no  acquirement,  but  a  great  worldly 
tact  and  resource,  and  extremely  popular,  will  not  be  here  for 


From  Thomas  Cooper          279 

some  days.  He  is  at  Charleston  where  our  State  Bank  have 
acceded  to  our  request  to  the  loan  I  wrote  to  you  about.  I 
shall  sound  him  when  he  returns,  cautiously  but  I  think  suc 
cessfully:  till  then  I  make  no  move.  Hitherto,  he  and  I  have 
acted  with  no  variance  of  opinion. 

I  could  write  to  Noah :  but  Altho'  I  have  no  doubt  about 
his  inclinations,  I  know  not  enough  how  his  interest  points. 
The  Iron  is  quite  hot  enough  in  that  furnace,  to  strike;  but 
you  have  it  under  your  own  controul.  In  that  field  of  battle 
you  must  trace  the  line  of  March.  Movements  of  great  dan 
ger  &  irritation  seem  to  me  probable  in  that  quarter,  that 
may  furnish  a  favourable  occasion  for  your  prudent  inter 
ference. 

We  have  two  aspirants  here:  both  able,  &  both  honest  men: 
both  regarded  throughout  the  State,  rather  as  looking  stead 
ily  at  the  central  Government,  than  as  guided  by  a  purely 
South  Carolinian  spirit.  They  are  therefore  not  popular. 
Calhoun  is  rather  borne  with,  than  supported.  He  has  talent, 
but  without  tact  or  Judgement.  Remember,  I  am  giving  you, 
what  leading  and  thinking  men  say. 

Preston  has  more  talent,  more  tact,  more  judgement,  &  is 
as  honest  as  Calhoun.  They  are  on  the  field  of  political  com 
petition.  Preston  is  more  approved.  But  he  is  too  much  of  a 
diplomat:  too  much  non  committal;  too  Van  Beurenish,  but 
'much  superior  to  V.  Beuren.  People  distrust  him  from  his 
manner,  more  than  they  ought.  But  he  is  not  popular.  He 
has  not  the  leading  mark  of  a  great  man,  he  cannot  attach 
to  himself  a  corps  of  personal  thorough-going  friends.  Gen1 
Hamilton  of  our  State  could  do  that.  So  does  our  present 
Governor  Butler.  Preston  moreover  is  a  Virginian.  He  would 
make  a  good  minister  at  a  foreign  Court. 


280    Correspondence  of  Nicholas  Bid  die 

Both  these  Gentlemen  are  like  me,  Nullifiers.  They  could 
not  be  sustained  out  of  the  State,  even  if  they  could  command 
South  Carolina.  It  is  an  unfashionable  Garb.  It  sticks  like  the 
shirt  of  Nesus.  I  am  content  however  to  wear  it  as  my  wind 
ing  sheet. 

You  will  have  no  opponents  of  equal  talent,  energy,  &  hon 
esty  with  these  two  Gentlemen,  whom  I  regard  as  hors  de 
combat. 

Strange  times  are  approaching.  Arrangements  ought  to  be 
made  to  introduce  the  Subject;  when,  where,  and  how?  For 
by  the  time  Congress  meets,  the  pressure  will  be  at  its  acme, 
and  the  lower  classes  will  feel  it  severely. 

I  trouble  you  with  these  preliminary  hints,  for  the  plan  of 
the  Campain  must  be  thought  about. 

Webster  will  be  set  up  as  your  Opponent:  the  South  will 
not  go  for  him;  &  they  will  go  for  you  in  preference.  Webster 
has  a  character  for  talent,  but  he  is  not  qualified  for  a  leader. 
He  has  no  personal  friends.  He  is  a  good  partizan  parliamen 
tary  debater,  but  he  cannot  trace  out  the  plan  of  a  political 
Campain,  nor  is  he  fit  to  be  at  the  head  of  it.  I  see  no  fearful 
competitor  at  present,  or  in  prospect.  .  .  .  Adieu. 

THOMAS  COOPER  TO  BIDDLE 

Private  May  24.  1837  Columbia 

Dear  Sir 

...  All  to  whom  I  have  guardedly  spoken,  agree  with 
me  in  opinion,  decidedly.  My  friend  the  Governor  has  set 
tled  with  to  set  up  a  new  paper  here;  for  we  cannot  make  use 
of  the  Telescope,  or  the  other  paper  of  our  town;  and  the 
strange  infatuation  of  Mr  Calhoun  as  to  the  presidency  must 
be  counteracted.  I  believe  M'Duffie  would  go  with  us  stren- 


From  T*homas  Cooper          281 

uously,  if  it  were  not  for  personal  regard  to  Mr  Calhoun.  You 
have  gained  over  Calcock  of  Charleston. 

Among  our  people  in  Congress,  White  of  Tennessee  has 
friends ;  but  White  &  Clay  have  been  started  on  the  course, 
and  are  broken  down.  Neither  can  succeed  if  entered  again. 

Mr  Van  Beuren,  whom  I  like  personally  (for  he  is  a  Gentle 
man)  will  I  think  carry  the  next  Congress  with  him.  I  have 
taken  full  and  effectual  care  both  to  him  &  Mr  Poinsett,  to 
render  mistake  impossible  as  to  my  opinions.  I  have  stated 
expressly  and  decidedly  that  I  am  a  friend  to  State  inter 
position  agst  an  unconstitutional  Law,  by  Nullification.  That 
I  disapprove  of  Gen1.  Jackson's  exprints[?]  on  the  finances  of 
the  Country,  and  that  I  consider  the  treasury  circular  as  tend 
ing  in  its  results  to  degrade  the  national  credit  and  character. 
I  have  found  this  distinct  explanation  on  my  part,  necessary. 

//  the  Congress  called  in  September  should  resolve  on  a  na 
tional  Bank,  (which  I  doubt,  for  a  majority  as  yet  are  Van 
Beurenists)  it  will  be,  either  the  readoption  of  yours,  or  a  new 
establishment  at  New  York,  over  which  you  will  probably  be 
invited  to  preside.  But  the  measure  of  misfortune  is  not  yet 
full  enough,  to  drive  the  friends  of  General  Jackson  from  their 
insane  attempts.  I  think  Mr  Van  Beuren  has  committed  him 
self  to  the  old  man  too  far;  and  the  call  of  Congress  may  be  in 
tended  to  introduce  a  little  welcome  force  before  he  yields. . . . 

THOMAS  COOPER  TO  BIDDLE 

S.  Car1.  Columbia  July  i:  1837 
Dear  Sir 

.  .  .  The  time  has  not  yet  arrived  for  the  direct  nomi 
nation  of  any  man  as  future  president.  But  all  secondary 
means  and  appliances  may  be  usefully  brought  forward,  and 


282     Correspondence  of  Nicholas  Biddle 

should  be  so:  cast  thy  bread  on  the  waters,  it  will  be  found 
again  after  many  days. 

Webster  is  a  dexterous  debater,  but  he  has  no  judgement, 
no  energy,  or  boldness  of  character.  The  man  has  no  per 
sonal  courage  &  cannot  succeed :  he  is  made  to  be  governed. 
Here,  we  should  decidedly  prefer  Van  Beuren  to  Webster. 
But  the  battle  is  coming  on  (may  be,  literally)  between 
the  ultra  radicalists  and  the  Constitutionalists:  if  Mr  Van 
Beuren  has  desperate  courage  enough,  we  shall  have  a  mo 
narchical  government  of  no  liberal  character.  If  not,  I  see  no 
serious  obstacle  to  the  success  of  my  proposal.  .  .  .  Adieu. 
I  wish  you  good  success 

BIDDLE  TO  JOHN  RATHBONE  JR 

(private}  Phil3.  July  14.  1837 

My  dear  Sir 

You  ask  my  views  about  the  mode  in  which  the  Bank 
of  the  U.S.  could  assist  in  restoring  the  currency.  I  will  tell 
you  in  a  few  words. 

The  present  design  of  those  who  govern  the  Government 
at  Washington  is,  I  understand,  to  draw  all  the  funds  out  of 
the  Banks  —  then  cut  all  connection  with  them  —  and  es 
tablish  subtreasuries  where  each  receiver  is  to  sit  upon  his 
small  heap  of  gold  &  silver.  This  is  the  newest,  &  therefore 
the  favorite,  foolery.  Congress,  I  think  will  not  agree  to  this, 
or  to  any  other  experiment  and  will  incline  to  either  a  real 
downright  Bank  of  the  U.S.  chartered  by  the  Genl  Gov1  or  to 
the  present  Pennsylv3.  Bank.  .  .  . 

If  the  Treasury  &  the  Bank  could  come  to  an  understand 
ing  as  to  the  terms  on  which  the  Bank  would  do  this  business 
—  everything  would  soon  come  right. 


From  B.  W.  Leigh  283 

But  I  can  do  nothing  at  present  which  would  not  work 
more  harm  than  good.  This  very  proposition  I  made  before 
the  suspension.  Had  it  been  adopted  the  Suspension  would 
have  been  I  believe,  averted.  I  cannot  now  renew  it.  My 
purpose  now  is  to  be  perfectly  quiet  —  to  be  ready  —  but 
not  impatient  &  wait  the  action  of  Congress.  If  that  body 
adopts  any  measure  which  promises  relief  I  shall  cordially 
concur  in  it  —  If  not,  having  done  my  duty  I  remain  wl 
I  was.  My  great  object  is  to  heal  the  wounds  inflicted  upon  \ 
the  country.  I  will  spare  no  effort  for  that  purpose.  No  mis-  1 
guided  feeling  of  pride,  no  remembrance  of  past  injusticp/ 
to  myself  shall  prevent  me  from  a  sincere  &  cordial  coop 
eration  with  any  public  men  who  will  honestly  labor  in  the 
public  service.  These  are  the  simple  views  —  and  the  frank 
opinion  of 

B.  W.  LEIGH  TO  BIDDLE 

Richmond,  Aug.  21. 1837. 
My  dear  sir 

I  am  informed,  that  the  hone  William  Smith,  formerly 
of  South  Carolina,  now  of  Alabama,  has  recently,  in  a  public 
speech  to  the  people  of  Huntsville,  and  on  other  occasions, 
stated  that  the  late  chief  justice  Marshall l  owned  seven 
teen  shares  of  stock  of  the  Bank  of  the  U.States,  at  the  time 
he  decided,  in  the  case  of  McCullock  against  the  State  of 
Maryland,  that  the  charter  of  the  Ba»k  was  constitutional. 
The  argument  of  that  cause  was  opened  on  the  22nd  Febru 
ary  1819,  and  the  chief  justice  delivered  the  opinion  of  the 
court  on  the  7th  March;  4  Wheat.  316,  322, 40x3. 

1  For  a  discussion  of  the  Marshall  affair,  cf .  Niles,  September  23,  1837,  pp.  50-51 ; 
ibid.,  December  2,  1837,  p.  218;  ibid.,  June  2,  1838,  pp.  210-211. 


284    Correspondence  of  Nicholas  Bid  die 

The  most  innocent  purpose  for  which  such  a  statement 
could  have  been  made,  was  to  detract  from  the  weight  of  the 
chief  justice's  authority  on  the  point  of  constitutional  law; 
which  Mr  Smith,  it  seems,  was  willing  to  accomplish,  by  im 
puting  to  him  a  personal  interest  in  the  controversy.  I  say 
nothing  about  the  motive  or  the  candor  of  such  an  imputa 
tion,  or  of  the  evidence  it  affords  of  Mr  Smith's  scale  of  moral 
sentiment  and  honor. 

I  find  upon  examination  of  the  Dividend  Books  of  the  office 
of  the  Bank  at  this  place,  that  Mr  Marshall  received  the 
dividend  of  July  1817  on  12  shares;  and  the  dividends  on 
17  shares,  of  January  1818,  July  1818,  and  January  1819;  and 
that  his  receipt  for  this  last  dividend  is  dated  Jany  23,  1819, 
just  before  he  left  home  to  attend  the  supreme  court,  the 
term  of  which  then  commenced  on  the  Ist  February.  From 
thenceforth  he  never  received  any  dividend  (because,  I  infer, 
he  never  owned  any  stock)  in  his  own  right  —  tho'  there  was 
some  stock  standing  in  his  name  and  mine  as  joint  exors  of 
G.  K.  Taylor  of  Petersburg,  which  I  bought  and  always  drew 
the  dividends  of —  and,  at  a  later  period,  some  stock  standing 
in  his  name  as  trustee  for  the  widow  and  children  of  his 
brother  William  Marshall.  It  follows,  that  he  must  have 
sold  his  own  17  shares  of  stock,  after  the  dividend  of  January 
1819  was  declared;  but  we  cannot  ascertain  here  the  precise 
date  when  he  parted  with  it.  I  have  not  the  least  doubt,  that 
he  sold  this  stock  before  he  left  home  in  January  or  Feb 
ruary  1819. 

Now  I  must  beg  the  favor  of  you  to  ascertain  the  date  of 
the  transfer  of  that  stock,  on  the  the  transfer  book*  at  Phila 
delphia,  the  person  to  whom  he  transferred  it,  and  (as  he 
must  have  transferred  by  attorney)  the  date  of  the  letter  of 


To'B.  IT.  Leigh  285 

attorney;  and  to  give  me  the  precise  dates,  and  a  copy  of  the 
letter  of  attorney  and  of  the  authentication  subjoined  to  it. 
Have  the  goodness  also,  to  have  the  facts  stated  in  the  form 
of  a  certificate  signed  by  the  proper  officer  of  the  Bank. 

You  may  perhaps  think  I  am  taking  over  unnecessary 
trouble  about  this  affair  —  but  I  do  so  at  the  request  of  a 
friend  at  Huntsville  —  and  besides,  I  am  persuaded,  that  if 
a  grave  charge  of  forgery,  or  perjury,  or  sheep  stealing,  were 
made  against  the  most  honest  and  honorable  man  in  the 
country,  it  would  do  him  some  harm;  so  general  is  the  be 
lief  of  the  universal  corruption  of  the  nation.  I  am,  sir,  with 
hearty  respect  &  esteem 


Feb.  8th         12  shl  to  Thos  Marshall 
Mar  (?)  26th    5"     "  Thos  P.  Cope  &  for 

BIDDLE  TO  B.  W.  LEIGH 

Phila  Augt.  24.  1837. 
My  Dear  Sir, 

I  had  last  evening  the  pleasure  of  receiving  your  let 
ter  of  the  21st  inst.  and  immediately  hasten  to  perform  the 
sacred  duty  of  defending  the  character  of  an  honest  man  from 
the  reptiles  who  avenge  themselves  for  his  superiority  while 
living,  by  crawling  over  his  dead  body.  I  think  we  shall  be 
perfectly  successful  in  presenting  the  following  results. 

The  argument  in  the  case  of  McCullock  &  the  State  of 
Maryland  began,  according  to  your  statement  on  the  22d  of 
Feby  1819,  &  the  decision  of  the  court  was  pronounced  on  the 
1  7th  of  March  1819. 

Now  of  the  17  shares  owned  by  the  Judge  Marshall  on  the 

1  This  is  in  pencil  in  manuscript. 


286    Correspondence  of  Nicholas  Biddle 

Ist  of  Jany.  1819,  12  were  transferred  on  the  8th  of  Feby. 
1819,  under  a  power  given  by  Judge  Marshall  on  the  5th  of 
Feby.  1819. 

For  the  remaining  5  he  gave  a  power  to  transfer  them  on 
the  21st  of  Jany.  1819,  though  the  transfer  was  not  actually 
made  on  the  Books  until  the  26th  of  March  1819. 

So  that  in  point  of  fact  he  was  ostensibly  the  owner  of  five 
shares  at  the  time  of  the  decision. 

Finding  this  I  sent  for  Mr  Cope,  one  of  the  Director's  of 
the  Bank  of  the  U.S.  and  nephew  of  the  Mr  Thomas  V.  Cope 
named  in  the  power  of  Atty.  &  requested  him  to  examine 
the  books  of  the  House  &  endeavored  to  find  the  evidences  of 
what  I  have  no  doubt  was  the  fact,  that  Judge  Marshall  sold 
the  Stock  at  the  time  of  giving  the  power  of  Attorney  on  the 
21st  of  January,  and  that  the  purchaser  neglected  to  send  it 
on  till  March  to  be  transferred. 

I  have  kept  my  letter  open  in  order  to  give  the  result  of  Mr 
Cope's  enquiries,  but  as  the  period  is  so  remote  he  has  not 
been  able  to  complete  his  examination,  &  promises  to  let  me 
know  further  tomorrow.  He  thinks  however  that  he  has  as 
certained  that  this  stock  was  sent  to  the  House  by  some  per 
son  in  Virga  with  other  parcels  of  stock  to  be  transferred,  & 
that  the  probility  is  that  the  correspondent  in  Virga  had  pur 
chased  these  five  shares  &  paid  for  them. 

I  will  postpone  till  tomorrow  therefore  the  further  exam 
ination,  &  in  the  meantime  send  inclosed  a  certificate  from 
the  Transfer  Office  &  certified  copies  of  the  powers  of  Attor 
ney  on  file.  It  may  be  well  to  add,  that  in  the  power  of  Atty 
of  the  21st  of  Jany.  1819,  there  is  a  blank  for  the  name  of  the 
Atty.  and  that  the  blank  is  filled  up  with  the  name  of  Thomas 
P  Cope  in  the  handwriting  of  Th03  P  Cope  himself,  whence  I 


From  B.  W.  Leigh  287 

infer  that  the  power  was  given  in  blank  by  Judge  Marshall 
with  the  certificate  &  sent  to  Mr  Thos  P  Cope  by  his  cor 
respondent  in  Virga  .  .  . 

BIDDLE  TO  B.  W.  LEIGH 

Phila  Aug1.  25.  1837. 
My  Dear  Sir, 

Referring  to  my  letter  of  yesterday's  date,  I  now  in 
close  a  memorandum  furnished  by  Mr  Caleb  Cope  by  which 
it  will  appear  that  the  Stock  in  the  name  of  Judge  Marshall 
was  received  from  Mr  John  V.  Wilcox  of  Petersburg  Va. 
That  gentleman  is  still  living,  &  could  probably  explain  the 
terms  on  which  he  received  it  from  the  Judge.  I  have  now  fur 
nished  all  the  materials  within  my  reach,  but  I  shall  follow 
the  subject  with  great  interest,  and  will  be  much  gratified 
at  hearing  from  you  the  result  of  your  enquiries,  the  fame  of 
that  upright  man  being  the  common  property  of  us  all. 

B.  W.  LEIGH  TO  BIDDLE 

Richmond,  Aug.  28.  1837 
My  Dear  Sir 

I  write  to  acknowledge  your  letter  of  the  24th  and 
2t;th,  and  to  thank  vou  for  them. 

luckily  attested  by  the  James  H.  Lynch  of  this  town ;  and  I  im 
mediately  resorted  to  him  for  information  as  to  the  date  at 
which  Mr  M.  parted  with  his  property  in  that  stock.  Mr  L. 
has  furnished  me  conclusive  proof,  that  that  stock  was 
sold  to  him  at  par,  and  paid  for,  on  the  2ist  January  1819, 
the  date  of  the  letter  of  attorney;  and  he  says,  moreover, 


288     Correspondence  of  Nicholas  Bid  die 

that  he  advised  Mr.  Marshall,  at  the  time,  not  to  sell  his 
stock,  but  he  assigned  as  his  reason  for  selling  it,  that  he  did 
not  choose  to  remain  a  stock  holder,  as  questions  might  be 
brought  before  the  supreme  court  in  which  the  Bank  might 
be  concerned.  Mr.  L.  does  not  remember  certainly  to  whom 
he  sold  these  shares  of  stock;  but  the  scrip  and  the  letter  of 
attorney  probably  passed  thro'  several  hands  before  they 
came  to  those  of  Mr  Wilcox,  who  sent  them  to  Mr  Cope. 
But  this  is  wholly  immaterial,  and  I  shall  not  take  the  trouble 
to  write  to  Mr  W.  about  it. 

You  shall  be  informed  what  I  do  in  this  affair.  Do  not 
doubt  that  I  will  give  the  Hon  William  Smith  such  a  rap  over 
the  knuckles  as  he  deserves.  But  that  is  not  all  I  have  to  do  — 
the  gentleman  who  informed  me  of  this  mean  and  base  slan 
der  on  Mr  Marshall's  memory,  said,  that  Mr  Smith  "made 
the  statement  upon  the  authority  of  a  U.States  Senator  now 
representing  Virginia."  I  cannot  believe  that  he  had  any 
such  authority;  and  I  suspect  he  has  slandered  our  Senators 
as  well  as  Mr  Marshall.  But  if  it  shall  turn  out  that  he 
vouched  any  such  authority,  and  that  either  of  our  present 
Senators  made  any  such  communication  to  him,  that  Senator 
shall  hear  of  it,  and  that  in  such  a  manner  that  he  shall  not 
forget  it  for  the  remainder  of  his  days. 

B.  W.  LEIGH  TO  BIDDLE 

Richmond,  Sept.  4.  1837. 
Dear  Sir  — 

You  must  pardon  me  forgiving  you  a  little  more  trouble. 

I  find  from  the  dividend  book  of  the  office  of  the  bank  of 

U.States  at  Richmond,  that  Gen.  J.  B.  Harvie  of  this  town, 

the  son-in-law  of  the  late  chief  justice  Marshall,  received  the 


To  B.  W.  Leigh  289 

dividends  on  ten  shares  of  stock,  of  July  1817,  January  and 
July  1818,  and  January  1819,  and  thenceforth  afterwards  he 
never  received  any  dividend  on  any  of  the  stock.  From  a  con 
versation  I  have  had  with  Gen.  H.  this  morning,  I  appre 
hend  that  these  shares  were  originally  purchased  by  Mrs 
Marshall  the  wife  of  the  chief  justice,  but  the  transfer  of  it 
was  made  to  Gen.  H.  and  the  stock  stood  in  his  name,  tho' 
in  fact  as  trustee  for  her  —  she  had  a  sort  of  separate  prop 
erty,*  which  she  managed  for  herself  and  disposed  of  the 
profits  of  it,  or  the  principal,  among  her  children,  at  her  own 
pleasure.  Gen.  H.  says  this  stock  was  given  to  him;  Mr  Mar 
shall  telling  him  at  the  time,  that  he  wished  to  divest  him 
self  of  all  manner  of  interest  in  the  bank,  because  there  was 
suits  pending  (or  might  be  such  suits)  in  the  supreme  court 
in  which  the  bank  was  concerned.  But  Gen.  H.  does  not  re 
member  the  precise  date  of  the  gift  to  him. 

I  beg  you  to  get  the  transfer  clerk  to  give  me  the  precise 
date  when,  and  the  person  to  whom,  Gen.  H.  transferred 
these  ten  shares  of  stock,  and  to  send  me  a  copy  of  his  power 
of  attorney  for  the  transfer  of  it  —  and  oblige 

You  will  soon  see  in  print  my  correspondence  with  my 
friend  in  Huntsville  on  the  subject  of  Mr  Smith's  speech 
*  tho'  not  under  any  settlement 

BIDDLE  TO  B.  W.  LEIGH 

Phil3  Septr.  7.  1837 
My  Dear  Sir, 

I  had  last  night  the  pleasure  of  receiving  your  favor 
of  the  4th  inst.  &  now  inclose 

i.  A  certificate  from  the  Transfer  Dep'.  of  the  Bank  of  the 
U.S.  as  to  transfers  from  &  to  Mr.  J.  B.  Harvie,  & 


2  90    Correspondence  of  Nicholas  Bid  die 

2.  Copies  of  the  powers  of  Attorney  by  with  which  these 
transfers  were  effected. 

I  shall  look  with  great  interest  for  the  correspondence 
which  you  promise  —  &  remain  meanwhile, 

SILAS  M.  STILWELL  1  TO  BIDDLE 

New  York  Sept  9th  1837 
Dr.  Sir 

...  I  am  very  much  pleased  with  the  message,2  and  the 
evident  breaking  up,  to  a  sufficient  extent,  of  party  usages. 

I  think  I  see  in  the  "  conservative  22"  of  the  hour,  a  body 
of  men  who  must  be  united,  ultimately,  to  the  Whigs.  How 
ever  we  may  look  with  more  confidence  to  the  result  of  their 
deliberations.  I  think  there  is  no  hope  of  the  "Sub  treas 
ury"  plan  —  the  "conservatives"3  will  kill  that.  The  "Pet 
Banks"  are  denounced  by  "the  administration."  A  National 
Bank  Mr  Van  Beuren  is  pledged  to  Veto.  So  what  is  there 
left  to  hang  hope  upon  —  except  a  Contract  to  releive  the 
"government"  —  assist  the  people?  —  "To  this  complex- 
tion  we  must  come  at  last."  .  .  . 

CHARLES  AUGUST  DAVIS  TO  BIDDLE 

New  York  9  Sep*.  1837 
My  Dr.  Sir 

.  .  .  Mr.  Van  B has  made  a  mistake  in  fixing  on 

1  Lawyer  and  author  of  the  general  bankrupt  law  of  New  York;  and  in  1863 
of  the  national  banking  act  and  system  of  organizing  credits.  Cf.  National  Ency 
clopedia  of  American  Biography,  vol.  xi,  p.  251. 

2  Richardson,  op.  cit.,  vol.  in,  pp.  324-346. 

3  Party  opposed  to  Sub-Treasury  and  led   by  Nathaniel   P.  Tallmadge  of 
New  York.  For  a  good  discussion  of  the  conservative  party  in  New  York  consult 
Hammond,  J.  D.,  The  History  of  Political  Parties  in  New  York  (Buffalo,  1850);  or 
Alexander,  D.  S.,  A  Political  History  of  New  York  (New  York,  1909). 


70  Charles  King  291 

the  loco-foco  portion  of  the  party  —  and  every  day  hundreds 
of  his  old  friends  drop  off  and  openly  denounce  his  doc 
trines — .  .  . 

B.  W.  LEIGH  TO  BIDDLE 

Richmond,  Sep*.  13.  1837. 
Dear  Sir  — 

I  send  you  by  the  same  mail  with  this,  a  copy  of  the 
Richmond  Whig  of  this  morning,  containing  my  correspond 
ence  with  Dr.  Watkins  of  Alabama  on  the  subject  of  Mr 
Smiths  calumny  on  Chief  justice  Marshall.  Pray,  see  that  it 
is  republished  in  the  Philadelphia  papers;  and  if  you  can,  that 
it  shall  be  also  republished  in  the  New  York  American.  I  hope 
you  will  think  that  I  have  struck  the  slanderer  hard  enough 
and  not  too  hard. 

BIDDLE  TO  B.  W.  LEIGH 

Phila  Septr.  15,  1837 
Dear  Sir, 

I  have  this  evening  received  your  favor  of  the  13th 
inst.  with  the  accompanying  correspondence  which  I  have 
read  with  sincere  pleasure.  I  have  already  written  to  Mr  King 
requesting  its  publication  in  the  American,  &  shall  see  that 
it  is  widely  circulated  here. 

BIDDLE  TO  CHARLES  KING 

Phila  Septr.  15,  1837. 
Dear  Sir, 

In  a  letter  received  this  evening  from  Mr.  Leigh  of 
Richmond,  he  expressed  a  wish  that  his  correspondence  on 
the  subject  of  Chief  Justice  Marshall  which  you  will  find  in 


292     Correspondence  of  Nicholas  Bid  die 

the  Richmond  Whig  should  be  republished  in  the  American. 
You  will  I  am  sure  gladly  contribute  to  vindicate  the  reputa 
tion  of  such  a  man  from  assailants  who  avenge  themselves  for 
his  superiority  while  living  by  calumniating  his  memory.  In 
doing  this  you  will  gratify  Mr  Leigh  &  oblige 

E.  R.  BlDDLE  TO  BlDDLE 

Septemr  I9h  1837  — 
My  Dear  Sir 

I  must  have  5,000$  to  accomplish  some  great  good  in 
my  native  state.  I  will  give  I  hope  a  good  account  of  it  —  at 
a  proper  time. 
Do  send  it  by  return  of  mail. 

BlDDLE  TO  E.  R.  BlDDLE 

Phila.  Sepr  20.  1837 
My  dear  Sir, 

Your  note  of  yesterday  is  received  &  I  would  endeavor 
to  comply  with  it  at  once  but  for  this  reason  —  From  the 
phrasology  of  it  I  infer  that  it  is  not  anything  of  personal  in 
terest  to  yourself  —  nor  anything  pecuniary  —  but  merely 
political.  Now  the  events  that  are  passing  satisfy  me  that  it 
is  not  worth  while  to  do  anything  in  that  line.  I  have  re- 
1  nounced  it  altogether.  Nothing  would  induce  me  to  engage 
V  in  it.  Let  me  know  if  I  am  right  &  believe  me 

CHARLES  AUGUST  DAVIS  TO  BIDDLE 

New  York  27  Sep*.  1837 
My  Dr  Sir 

...  I  have  just  return'd  from  "up  the  Hudson"  after 
a  few  days  absence.  I  found  all  the  folks  up  there  sour  &  sad 


From  Thomas  Cooper          293 


the  Banks  contracting  &  all  suffering  —  the  doctrine  of 
Message  dont  suit  them  at  all  —  &  as  the  crops  are  good  & 
prices  declining  I  suspect  the  farmers  by  Nov.  will  begin  to 
feel  it  too  —  &  all  the  towns  large  &  small  desire  they  sh'd. 
Every  thing  is  working  for  good  or  I  am  sadly  mistaken. 
I  Scarcely  met  a  man  of  Mr.Van  B.  late  party  who  does  not 
blame  him  &  his  "  locd  foco  "  1  doctrines  —  the  horror  the 
people  have  of  the  very  name  of  loco  foco  is  death  to  any 
mans  hopes  who  hinges  on  them,  they  think  in  the  Country  — 
"  loco  foco"  means  flour  rioters  &c  &c  they  are  not  far  out. 
The  whole  secrete  of  Mr.  Van  B.  policy  is  to  keep  on  the 
side  of  democracy  &  when  driven  to  extremities  or  compeld  to 
Show  his  hand  —  or  take  ground  —  it  is  then  he  strikes  so 
that  none  shall  cut  under  him  —  feeling  that  democracy  is 
like  a  grass  crop  always  springing  up  afresh  &  in  good  time 
going  to  seed  &  when  it  reaches  this  point  it  is  calPd  aristoc 
racy  &  new  crops  follow  but  in  boring  his  hold  this  time  in 
the  great  "Barrel  politic"  —  he  has  evidently  for  the  present 
bored  too  low  &  will  get  dregs  only  —  but  his  system  is  simply 
this  —  whilst  others  adopt  measures  that  divide  society  per 
pendicularly  —  he  cuts  horizontally  —  &  always  thus  cuts  that 
no  one  shall  cut  under  him  —  hence  you  may  see  him  adopt 
any  measure  that  is  likely  to  win  with  great  maxim  &  rule.  .  .  . 

THOMAS  COOPER  TO  BIDDLE 

Columbia  20  Octr.  1837 
Dear  Sir 

The  whole  delegation  of  S.  Carolina,  save  Calhoun  and 
his  relative  Pickens,  voted  against  the  Sub  treasury  bill.  The 

1  For  a  brief  account  of  the  rise  and  activities  of  the  Loco  Foco  Party  consult 
Byrdsall,  F.,  History  of  the  Loco  Foco  or  Equal  Rights  Party  (New  York,  1842). 


294    Correspondence  of  Nicholas  Biddle 

opinions  of  influential  men  here  are  divided  about  your  bank. 
Preston  and  Hamilton  are  quietly  in  your  favour.  Quietly: 
for  the  day  has  not  yet  arrived  to  speak  out  plainly  &  boldly. 
Three  fourths  of  the  business  men  in  our  State  are  with  you, 
but  I  think  the  time  has  not  come  in  which  we  can  call  them 
out.  If  I  augur  rightly  from  the  signs  of  the  Times,  a  motion 
to  reinstate  your  bank  will  be  made  in  about  2  years;  hardly 
sooner.  But  the  expedients  proposed  &  to  be  proposed  as  sub 
stitutes  will  all  fail.  I  think  even  the  10  million  bill  will  fail 
to  relieve  the  New  York  merchants ;  and  in  that  case,  I  dare 
not  risk  prognosticating  the  result. 

The  other  proposal  I  made,  in  an  early  letter  to  you,  must 
go  on  gently.  It  will  work  its  own  way,  &  has  probability  on 
its  side.  .  .  . 

BIDDLE  TO  E.  R.  BIDDLE 

(private  and  confidential}  Phila.  Novr.  6.  1837 

My  dear  Sir 

As  you  asked  my  opinion,  I  deem  it  right  to  Say  that 
I  think  that  neither  your  Bank  nor  any  other  Bank  Should 
take  the  loan  —  and  that  it  would  be  very  hazardous  for  an 
individual  since  he  would  have  to  prove  to  the  purchaser  in 
Europe  that  it  had  not  been  originally  purchased  by  a  Bank. 
I  believe  that  the  best  thing  to  do  for  you  therefore  both 
officially  &  individually  is  to  abstain  from  it  altogether,  & 
so  apprize  the  parties  at  once. 

I  had  a  long  conversation  to  day  with  Mr  Hunt  the  Minis 
ter  from  Texas  —  and  suggested  to  him  various  changes 
which  I  thought  useful  in  the  Texas  loan  and  which  I  have 
no  doubt  will  be  made  unless  some  premature  action  takes 
place  in  regard  to  it.  This  you  had  better  prevent. 


From  E.  R.  Biddle  295 

E.  R.  BIDDLE  TO  BIDDLE 

New  York  Novemr.  7th  1837  — 
Dear  Sir  — 

Your  favor  of  yesterdays  date  is  before  me  —  Yester 
day  I  declined  making  any  proposition  to  the  Comers  from 
Texas,  but  I  told  them  that  if  they  would  leave  their  address 
with  me  I  would  try  and  arrange  to  procure  them  a  bid  from 
a  combination  of  individuals  for  200,000$  provided  the  option 
of  taking  the  whole  amount  should  be  given  to  the  takers  for 
6  months,  on  their  assuming  an  option  of  300,000$  more  in 
90  days.  This  I  think  can  be  accomplished  by  me  so  as  to  pay 
me  a  handsome  remuneration  for  my  trouble.  As  however 
your  letter  induces  me  to  stand  aloof — I  do  so.  Dont  forget 
me  however  or  my  Institution,  whenever  you  decide  we  are 
ready  to  unite  with  you. 

E.  R.  BIDDLE  TO  BIDDLE 

New  York  Nov  IIth  1837 
My  Dear  Sir 

The  result  of  the  elections 1  in  this  state  is  such  as  to 

1  The  New  York  election  was  viewed  with  great  interest  during  these  months 
of  distress,  and  it  was  evident  that  the  outcome  would  be  closely  associated  with 
the  panic  in  the  money  market.  The  symptoms  of  a  division  in  the  Democratic 
Party  in  relation  to  banks  and  banking  was  early  exhibited  in  New  York.  (Ham 
mond,  J.  D.,  The  History  of  Political  Parties  in  New  York,  Buffalo,  1850,  vol.  II, 
pp.  462,  463.)  The  spring  elections  in  the  city  of  New  York  resulted  in  the  choice  of 
a  Whig  Mayor,  and  coming  as  they  did  in  the  midst  of  hard  times  "prepared  the 
way  for  the  avalanche  in  the  fall."  A  little  later  the  Sub-Treasury  issue  began  to*\ 
assume  prominence  in  the  politics  of  the  state.  Nathaniel  P.  Tallmadge,  a  Demo 
cratic  United  States  Senator,  openly  opposed  Van  Buren's  policy  and  endorsed 
Seward  for  governor  of  the  state.  Van  Buren's  message  in  September  created  a  stir 
in  Democratic  ranks  and  was  received  with  much  displeasure  by  the  Tammany 
men.  The  Whig  papers  rejoiced  in  the  discomfiture  of  their  enemies  while  the 
Democratic  papers  predicted  a  gloomy  outlook  for  the  Albany  Regime.  (New  York 
Times  quoted  in  the  National  Intelligencer,  October  3,  1837;  New  York  Spectator, 


296    Correspondence  of  Nicholas  Biddle 

ensure  a  renewed  confidence  in  our  securities  in  the  European 
market. 

This  will  warrant  are  thinking  now  of  the  Texian  Loan. 
Rest  assured  a  large  sum  is  to  be  made  by  it  and  we  are  ready 
to  father  it,  if  you  will  unite  with  us.  ... 

E.  R.  BIDDLE  TO  BIDDLE 

Nov:  24th  1837  New  York 
My  Dear  Sir 

...  I  will  take  no  steps  as  to  the  Loan,  believing  I 
can  in  no  way  better  serve  you,  than  keeping  it  at  your  com 
mand.  I  might  I  think  realize  a  commission  on  it  of  2  or  4 
pr.  ct.  by  some  exertion  on  my  part.  .  .  . 

THOMAS  COOPER  TO  BIDDLE 

Columbia  S.C.  16  Decr  1837 
Dear  Sir 

.  .  .  Very  many  think  as  I  do,  that  a  sound  general 

October  12,  1837.)  The  returns  verified  their  forecasts.  The  Whigs  carried  the 
Assembly  by  101  to  27  and  10  of  the  22  Senators,  showing  a  gain  of  144  on  the 
preceding  year.  (Niles,  November  25,  1837.)  Great  was  the  rejoicing  in  the  Whig 
strongholds  over  the  victory.  (Niles,  November  18,  1837;  Adams,  J.  Q.,  Memoirs, 
vol.  ix,  pp.  431,  432.) 

The  Democratic  papers  set  to  work  explaining  the  cause  of  their  defeat.  "To  our 
mind,"  said  the  Worcester  Republican,  "there  is  no  mystery  to  explain  in  order 
to  solve  the  reasons  of  the  change  in  the  state  as  well  as  in  the  city  of  New  York. 
The  city  and  state  are  a  highly  commercial  people.  They  have  felt  severely  the 
pressure  in  the  money  market  for  the  last  two  months  and  upwards.  And  this  is  the 
strongest  argument  that  can  be  urged  to  men  in  their  wants.  ...  It  has  been  urged 
against  the  administration  that  its  course  of  policy  has  been  the  cause  of  the  diffi 
culties  and  pressure  in  the  money  market.  This  has  been  too  successfully  urged." 
(Worcester  Republican,  November  22,  1837.)  "The  late  elections,"  reiterated  the 
Globe,  "have  been  carried  under  the  influence  of  a  panic  excited  by  a  false  issue." 
(Globe,  quoted  in  Wooster  (Ohio)  Republican  A dvocate,  November  23,  1837.)  To 
Jackson  the  political  tornado  was  caused  by  the  apostasy  of  the  Conservatives,  but 
to  all  it  was  evident  the  cry  of  "hard  times "  raised  so  efficiently  by  the  Whigs,  had 
worked  like  magic.  (Moore,  J.  B.,  Works  of  James  Buchanan,  Philadelphia,  1908, 
vol.  in,  p.  338.) 


From  M.  Newkirk  297 

currency  will  not  take  place  among  us  unless  by  returning 
into  the  beaten  road  we  have  unwisely  quitted.  But  the  neces 
sity  must  be  felt,  'ere  it  is  adopted.  Of  course  your  friends 
&  the  friends  of  your  institution  must  permit  the  course  of 
events  to  guide  their  course.  Van  Beuren  cannot  make  head 
agst  Clay,  unless  he  goes  in  good  earnest  for  the  South,  which 
I  think  he  will  do.  Strange  to  say,  I  hear  no  objection  to  your\ 
talents  or  your  integrity,  among  those  whom  I  have  cau-  J 
tiously  sounded,  but  they  all  object  to  you  as  being  in  want  or 
the  necessary  knowledge  and  experience  as  a  party  politician. 
To  be  sure,  like  the  modest  girl  in  Magdalen,  who  was  ad 
vised  to  go  out  and  qualify  herself  for  admittance,  you  might 
go  for  a  session  into  that  house  of  ill  fame  the  H.  of  Rep.  in 
Congress,  with  political  morals  sufficiently  debauched  to 
become  a  president;  but  I  shd.  not  recommend  this  course  of 
education  as  indispensible.  My  own  opinion  is,  that  the  regu 
lar  course  of  events  will  ere  long  point  out  the  course  you 
might  be  able  to  adopt.  .  .  . 

M.  NEWKIRK  1  TO  BIDDLE 

Washington  Jany  20th  1838 
My  Dear  Sir, 

...  I  have  had  a  good  deal  of  Conversations  with  dif 
ferent  individuals  about  the  passage  of  the  Sub-Treasury  Bill. 
Mr  Clay  is  very  Confident  they  can  defeat  them  in  both 
houses — in  the  Senate  by  a  Majority  of  three.  Mr.  Kendall  is 
Very  Confident  they  can  carry  it  by  a  Small  Majority  alltho 
he  thinks  it  will  be  a  Close  Vote  Hon.  Frank  Thomas  thinks 
it  Can  not  be  Carried  at  this  time.  Our  Own  friends  appear 
very  much  divided  in  their  opinion  about  its  passage.  .  .  . 

1  A  director  of  the  Bank,  1836-1840. 


298     Correspondence  of  Nicholas  Biddle 


D.  A.  SMITH  TO  BIDDLE 

Washington  28th  January  1838 
Dear  Sir, 

.  .  .  The  sub  Treasury  Bill  is  a  subject  of  much  con 
versation  here,  and  its  fate  in  the  Senate  is  very  doubtful; 
and  it  is  believed  by  some  of  our  friends,  that  the  failure 
of  the  Common  wealth  Bank  of  Boston  will  operate  in  favour 
of  its  adoption.  Mr  Grundy  *  will  receive  instructions  to 
vote  against  it  and  will  obey;  Mr  Rives  2  is  firmly  opposed 
to  the  bill  in  its  present  shape,  and  Mr.  Talmadge  will  make 
a  great  effort  to  defeat  it.  Morris  3  of  Ohio  will  obey  in 
structions  if  they  should  be  received  in  time,  but  Allen 4  it  is 
said  will  not.  Mr  Cambrelling  is  confident  of  the  passage  of 
the  Bill  in  the  Senate,  but  thinks  it  will  meet  with  more  diffi 
culty  in  the  House;  He  says  the  present  Congress  will  not 
consent  to  discuss  any  project  for  a  National  Bank  of  Dis 
count,  and  says  that  the  administration  is  firmly  determined 
to  try  the  experiment  of  collecting  and  disbursing  the  reve 
nues  of  the  Government  without  the  use  of  Banks.  I  have 

1  Felix  Grundy  of  Virginia,  served  as  Attorney-General  under  Van  Buren, 
September,  1838,  to  December,  1839,  when  he  resigned  to  sit  in  the  Senate  in  the 
place  of  Ephraim  H.  Foster.  In  1838  he  was  instructed  to  vote  against  the  Sub- 
Treasury  system,  which  he  did  even  though  favoring  it. 

2  Appointed  by  Jackson  Minister  to  France,  but  later  filled  the  place  of  Taze- 
well  in  the  Senate.  In  1834  Mr.  Rives  resigned  in  "consequence  of  his  unwilling 
ness  to  participate  in  the  Senate's  vote  of  censure  on  President  Jackson's  re 
moval  of  the  United  States  Bank  deposits,  of  which  he  approved,  but  which  the 
Virginia  Legislature  reprobated."  He  was  returned  again  to  the  Senate  in  1835 
where  he  remained  until  1845.  In  January,  1837,  he  voted  for  Thomas  H.  Benton's 
"expunging  resolution." 

3  Thomas  Morris  was  nominated  for  Vice-President  by  the  Liberty  Party  at 
the  Buffalo  Convention  in  1844,  but  died  one  month  later. 

4  William  Allen  of  Ohio,  elected  to  the  House  in  1833,  in  1837  was  elected 
a  United  States  Senator.  When  in  the  Senate  he  was  nicknamed  "Earthquake 
Allen." 


"To  Henry  Clay  299 

been  upon  terms  of  intimacy  with  Mr  Cambrelling  for  many 
years,  and  am  very  certain  that  He  has  given  me  his  views 
in  perfect  sincerity,  and  that  there  is  no  one  in  Congress 
who  is  better  acquainted  with  the  sentiments  of  the  President 
and  his  Cabinet.1  .  .  . 

BIDDLE  TO  HENRY  CLAY 

(confidential)  Phila  Feby.  3.  1838 

12  o'clock  Saturday  night 
My  dear  Sir, 

You  may  readily  suppose  that  we  are  not  idle  whilfcy>/ 
this  insane  Sub  Treasury  scheme  is  urged  forward  to  break] 
down  all  the  great  interests  of  the  country  —  and  prepara 
tions  are  made  to  obtain  from  our  legislature  at  Harrisburgh 
instructions  to  our  representatives  in  Congress  to  oppose  it. 
I  learn  from  a  friend  who  has  just  left  me  on  his  arrival  from 
Harrisburgh  to  night,  that  the  resolutions  for  that  purpose 
were  to  be  introduced  into  the  House  of  Rep3  this  day.  If  so, 
they  will  be  taken  up  on  Monday  —  &  if  then  passed  will  be 
sent  to  the  Senate  &  passed  finally  on  Tuesday. 

I  lose  no  time  therefore  in  suggesting  that  you  would  keep  \ 
up  the  debate  in  the  Senate  for  a  few  days  until  the  resolu-  J 
tionscan  reach  you.  I  attach  great  importance  to  this  measure 
as  separating  our  State  from  these  desperadoes,  and  the  coun 
try  looks  to  you  eminently  to  exert  your  great  powers  as 
they  have  been  so  often  before  displayed  for  its  protection. 

1  On  January  29,  1838,  Webster  wrote  to  Benjamin  D.  Lilliman  as  follows: 
"We  begin  the  proceeding  on  the  S.T.  Bill  tomorrow.  It  will  probably  pass  this 
House,  without  amendment,  by  2  or  3  votes.  Its  fate  in  the  other  House  is  greatly 
doubtful.  The  decision  on  the  Mississippi  election  is  expected  to  day  or  to  morrow. 
The  Sub  Treasury  Bill  may,  perhaps,  be  a  good  (deal)  dependent  on  the  decision." 
Van  Tyne,  C.  H.,  Letters  of  Daniel  Webster  (New  York,  1902),  p.  211. 


300    Correspondence  of  Nicholas  Biddle 


HENRY  CLAY  TO  BIDDLE 

Sunday  night  10  O'clock 

(Feb.  5.  1838) 
My  Dear  Sir 

I  have  this  moment  recd.  your  letter,  and  rejoice  at 
the  movement  which  it  states  to  be  in  contemplation.  Bu 
chanan  told  me  that  he  would  obey  instructions.  I  hope 
they  will  come.  They  may  [be]  decisive  of  the  fate  of  the 
atrocious  measure. 
The  final  question  shall  not  be  taken  this  week.1 

HENRY  CLAY  TO  BIDDLE 

Washington,  Feb.  6.  1838. 
My  dear  Sir 

I  received  your  favor  of  the  4th.  &  met  Mr.  B.  last 
night  at  a  small  party  given  at  the  house  at  which  I  board. 
I  rallied  him  on  the  subject  of  instructions,  &  he  remarked  to 
me,  as  he  had  done  once  or  twice  before,  that  if  they  came,  he 
would  obey  or  resign,  intimating,  I  thought,  a  preference  for 
the  latter  alternative. 

We  are  now  in  the  midst  of  the  debate  on  the  Treasury 
Bank,  the  denomination  which  should  be  given  to  it  upon 
every  occasion.  Rives  began  a  very  good  speech,  yesterday, 
which  he  will  finish  to-day.  I  do  not  know  that  an  occasion 
will  present  itself,  but  if  it  does,  I  will  embrace  it,  to  draw 
from  Mr.  B.  a  more  explicit  declaration.  We  will  run  them 
to  the  girt  in  the  Senate.  If  they  carry  their  abominable 
measure,  it  will  not  be  by  a  majority  of  more  than  two  votes. 

1  For  Clay's  opposition  to  the  Sub-Treasury  Bill,  cf.  Schurz,  Henry  Clay  (Bos 
ton,  1898),  vol.  H,  pp.  139-142. 


From  Daniel  Webster          301 

I  am  worked  almost  to  death,  &  to  relieve  myself,  I  have  to 
engage  the  good  offices  of  a  young  friend  as  an  amanuensis. 

C.  S.  BAKER  TO  BIDDLE 

Harrisburg  Thursday  Feby  7th  1838 
My  dear  Sir 

Your  favor  of  yesterday  came  duly  to  hand.  The 
Sub  Treasury  Resolutions  will  be  disposed  of  to-morrow. 
Thay  could  have  been  carried  today  but  Mr  Johnson  would 
not  bring  them  up.  The  phila  Delegation  having  taken  a  stand 
against  Stevens  on  the  Improvement  bill  and  the  Improve 
ment  bill  being  so  intimately  connected  with  Johnsons  In 
terest  he  feels  that  he  ought  not  to  be  treated  by  the  Whigs 
as  they  have  treated  him  because  Stevens  has  been  pleased 
to  trifle  with  our  Interests.  .  .  . 

DANIEL  WEBSTER  TO  BIDDLE 

Washington,  Saturday  noon 

(Feb.  or  May,  1838?) 
Dear  Sir ' 

.  .  .  The  Sub  Treasury  bill  remains  in  status  quo.  Cal- 
houn  is  moving  heaven,  earth,  &  —  to  obtain  Southern  votes 
for  the  measure.  He  labors  to  convince  his  Southern  neigh 
bors  that  its  success  will  relieve  them  from  their  commercial 
dependence  on  the  North.  His  plausibility,  &  endless  perser- 
verance,  have  really  effected  a  good  deal.  Even  your  relative 
Mr.  C.  Sheppard  has  been,  &  indeed  now  is,  in  a  state  of 
doubt.  Still,  I  think  the  Bill  cannot  pass;  but  the  majority 
will  be  Small.  The  labors  of  Mr  Calhoun,  &  the  power  & 
patronage  of  the  Executive,  have  accomplished  more  than,? 
I  have  thought  possible. 


302     Correspondence  of  Nicholas  Biddle 


CHARLES  S.  BAKER  TO  BIDDLE 

Thursday  evening  Febry  8/38 
My  Dear  Sir 

This  day  has  been  one  of  no  ordinary  Character  in 
Harrisburg.  The  Sub  Treasury  Resolutions  were  the  orders  of 
this  day  —  we  forced  it  through  Committee  of  the  whole  at 
the  point  of  the  Bayonet.  The  Van  Buren  men  are  in  a  State 
of  excitement  I  never  saw  surpassed  — we  have  a  vote  of  49 
for  43  against,  one  of  our  Members  Absent.  It  is  impossible 
for  them  to  bring  all  theire  members  into  the  House.  If  no 
screws  gives  way  we  shall  have  them  through  to  morrow  but 
it  will  be  a  hard  contest.  The  Van  Buren  Men  called  the  Yeas 
&  Nays  on  us  17  different  times  on  the  Vote  to  adjourne  — 
every  man  stood  firm  but  we  had  to  submit  to  an  adjourn 
ment  on  acct  of  our  friends  it  being  nearly  1/2  past  3 
OClock.  .  .  . 

CHARLES  S.  BAKER  TO  BIDDLE 

Harrisburg  Feby  9th  1838 
My  dear  Sir 

We  are  still  in  the  field  of  Battle.  This  morning  we  ex 
pected  to  have  carried  our  Resolutions  but  were  disappointed 
by  3  of  our  men  deserting  to  the  enemy.  I  had  examined  every 
part  and  found  all  apparently  safe.  The  danger  Sprung  upon 
us  like  a  Tigers  coming  as  it  did  from  our  own  Ranks — but 
it  would  not  answer  —  we  contested  the  ground  until  I 
OClock  when  we  moved  to  Adjourn  the  vote  being  48  for 
48  against  —  the  Motion  lost.  We  then  Immediately  renewed 
the  Motion  intending  to  continue  until  we  succeeded — our 
opponents  then  yielded  us  the  field.  All  the  Concentrated 


From  Charles  S.  Baker         303 

powers  of  Washington  appear  to  be  here  and  the  operations 
of  this  day  have  perfectly  dismayed  them  —  every  thing  was 
prepared  by  them  to  defeate  us  and  they  were  certain  of  suc 
cess.  I  feel  we  are  in  danger  but  nothing  like  defeated  —  it 
all  turns  upon  the  absent  members  and  the  disposition  we 
shall  be  enabled  to  make  of  the  3  that  deserted.  I  think  we 
can  get  2  at  least  back  —  you  may  Rest  assured  I  shall  not 
give  up  the  field  as  easily  as  Napoleon  gave  up  Waterloo. 
The  Banks  are  lost  sight  of  —  but  we  consider  on  this  (The 
Sub  Treasury)  depends  greatly  the  Kind  of  bill  we  can  get  for 
our  Banks.  Our  position  is  greatly  strengthened  by  what  we 
have  all  Ready  done.  We  have  broken  assunder  the  majority 
in  the  House.  We  defeated  without  difficulty  a  proposition 
or  amendment  to  Instruct  our  Senators  to  vote  for  the  Sub 
Treasury.  .  .  . 

CHARLES  S.  BAKER  TO  BIDDLE 

Harrisburg  February  14th  1838 
My  Dear  Sir 

The  Resolutions  are  Slumbering  in  the  Senate,  the 
reason  this  —  one  of  our  men  thinking  the  Matter  closed  im 
mediately  left  for  home  —  we  must  now  watch  to  avail  our 
selves  of  the  first  Moment  one  of  theire  men  is  absent  to  get 
the  last  Resolution  Stricken  off.  We  have  suffered  much  for 
want  of  a  person  in  the  house  who  fully  understood  all  the 
trick  of  the  trade  —  the  Slightest  effort  in  the  house  would 
have  defeated  it  had  there  been  some  one  present  to  prompt 
to  action  —  three  of  our  men  again  voted  by  mistake.  It  can 
pass  any  moment  in  the  form  it  now  is  before  the  Senate.  .  .  . 
please  say  if  we  can  do  no  better  must  we  pass  the  Resolu 
tions  as  thay  are  — 


304    Correspondence  of  Nicholas  Biddle 


CHARLES  S.  BAKER  TO  BIDDLE 

Harrisburg  February  i6th  1838 

Friday  evening 
My  dear  Sir 

Your  favor  of  the  15th  Ins1  came  duly  to  hand  and  I  am 
truly  happy  that  this  days  acts  in  the  Senate  will  meet  with 
your  Kindest  favour.  This  day  I  determined  to  pass  the  Reso 
lutions  and  made  Known  my  wishes  to  Dr  Burden  who  accord 
ingly  took  the  floor  and  called  them  up.  The  War  Hoop  was 
immediately  raised  but  it  would  not  do.  Dr  Burden  foiled 
them  at  every  point  and  forced  them  through  at  the  point  of 
the  Bayonet  truly.  The  Resolutions  *  are  now  on  there  way 
to  Washington  and  to  morrow  we  shall  endeavour  to  pass  an 
explanation  of  what  we  mean  by  the  compliment  to  Martin 
Van  Buren  —  This  is  of  course  Humbug  —  The  explana 
tion  will  only  pass  as  the  views  of  the  Senate.  .  .  . 

HENRY  CLAY  TO  BIDDLE 

Washn   20th.  Feb.  1838 
My  Dear  Sir 

I  have  recd.  your  favor  of  the  i8th.  The  Resolutions 
from  Harrisburg  have  produced  the  effect  of  securing  an 
other  vote  in  that  of  Mr.  Buchanan  ag*.  the  Gov1.  Bank.  He 
presented  them  yesterday  morning  and  gave  in  his  adhesion 
before  I  reached  the  Senate,  from  which  I  was  detained  half 
an  hour,  in  consequence  of  a  Speech  which  I  had  to  deliver, 
and  did  deliver,  against  that  measure.  It  was  wise  in  your 
Senate  to  pass  the  resolutions  *  as  they  went  from  the  House, 

1  Cong.  Globe,  25th  Cong.,  2d  Sess.,  vol.  vi,  p.  190. 

2  Van  Buren  was  kept  informed  of  conditions  at  Harrisburg  as  the  following 
letter  of  Salisbury  of  February  17, 1838,  illustrates:  "It  cannot  be  doubted  for  a 


From  John  Sergeant  305 

notwithstanding  the  two  exceptionable  paragraphs.  The  good 
in  them  more  than  counter  balanced  the  bad,  as  the  event  has 
already  proved.  We  now  probably  stand  26  against  26.  One 
more  vote  would  defeat  the  vile  measure.  We  have  a  prospect 
of  getting  that  by  an  instruction  from  Richmond  to  Mr.  Roane 
but  it  is  not  certain.  If  it  comes,  he  will  obey  it.  Could  it  not 
be  obtained  from  Trenton?  Why  could  not  a  positive  instruc 
tion  (the  Gen1  Assembly  instructs  its  Senators  &  requests  its 
Representatives  &c)  emanate  from  that  quarter?  It  would, 
I  believe,  decide  Mr.  Wall.1  I  think  he  would  obey.  And  as 
he  acknowledged  such  an  obligation,  it  might  be  given  with 
out  justly  wounding  the  sensibility  of  Mr.  Southard.  .  .  . 

JOHN  SERGEANT  TO  BIDDLE 

(Private)  Washington,  April  28th.  1838. 

My  dear  Sir, 

Referring  to  what  I  wrote  yesterday,  I  would  now  add, 
that  there  is  a  strong  jealousy  of  New  York  rising  in  the 
South.  You  know  the  schemes  of  the  Southrons  2  for  get- 
moment  that  motives  most  unworthy  have  induced  seven  members  of  the  House  of 
Representatives  to  forego  the  solemn  and  imposing  duties  which  they  owed  their 
constituents.  .  .  .  Here  then  we  have  before  us  a  practical  illustration  of  the  im 
mense  and  alarming  power  of  the  banks,  whose  agents  have  been  and  now  are  as 
thick  as  bees  prowling  about  the  halls  of  both  houses  of  our  legislature."  Van 
Buren  MSS.  in  Library  of  Congress. 

1  Cf.  Mr.  Wall's  speech  on  the  Sub-Treasury  setting  forth  his  views  on  the 
measure  in  Cong.  Globe,  25th  Cong.,  2d  Sess.,  vol.  vi,  1838,  Appendix,  pp.  230  et  seq. 

2  The  South  fully  appreciated  the  importance  of  their  position  and  power  dur 
ing  this  struggle,  as  is  evidenced  in  the  following  letter  of  Pickens  to  Hammond, 
February  9,  1838:  "There  is  much  doubt  as  to  the  passage.  The  vote  will  be  close 
&  much  depends  upon  our  delegation.  .  .  .  There  never  was  such  a  time  for  the 
South  to  control  as  at  present,  if  we  would  be  united.  The  great  struggle  is  whether 
cotton  shall  control  exchange  &  importations  or  whether  the  Banks  &  the  stock 
interest  shall  do  it.  The  South  will  be  more  prosperous  under  cotton  at  IDC  &  no 
banks  converted  connected  with  the  government  lending  its  credit  &  power  to  the 
stock  interest  than  we  would  be  under  cotton  at  i3c  &  the  reverse  of  these  things. 


3  o  6    Correspondence  of  Nicholas  Biddk 

ting  their  own  trade  into  their  own  hands.  What  support  they 
have  given  to  the  Sub-Treasury  has  been  to  promote  this 
view.  The  mass  of  them  have  been  sincere.  Mr.  Calhoun  1 
has  used  it  only  to  cloak  his  ambition.  They  are  now  alarmed 
at  the  prospect  of  a  new  union  of  the  money  power,  with  the 
political  power  by  means  of  the  free  banking  law  of  New 
York.  The  question  is  whether  in  this  jealousy,  (the  present 
predominat  feeling,  whether  well  or  ill  founded)  there  is  not 
a  ground  for  an  union  of  the  Bank  U.S.  with  the  South.  If  you 
can  make  friends  there,  you  will  soon  have  Pennsa.,  for  she 
always  goes  with  the  South.  I  throw  this  out  for  your  con 
sideration.  As  you  are  to  steer,  of  course  you  will  observe 
where  the  wind  is  to  come  from.  .  .  . 

We  will  have  a  great  contest  &  one  which  will  fix  our  prosperity  for  20  years,  one 
way  or  the  other."  And  as  Pickens  viewed  the  subject  the  South  would  be  foolish  to 
summit  to  cunning  and  fraud  any  longer.  Hammond  MSS.  in  Library  of  Congress. 

However,  a  good  explanation  for  the  position  of  the  South  on  the  Sub-Treasury 
and  the  motives  which  impelled  it  to  stand  by  the  Administration  in  these  days  is 
given  in  a  letter  of  Alfred  Hager  (?)  to  Poinsett,  September  I,  1838:  "As  to  the 
S.T.  I  really  know  very  little  about  it  ...  but  surely,  a  very  little  reflection  must 
teach  every  Southern  man  who  is  willing  to  be  taught  what  our  policy  is. '  The  Bank 
&  the  metallic  basis  '  —  &  the  'paper  currency '  are  all  debatable  questions  —  but 
the  Black  Currency  is  not.  How  am  I  to  be  benefited  by  either  'Bank'  or  'Sub. 
Treasury '  without  my  land  on  Cooper  River  &  the  Negroes  that  work  there?  What 
signifies  to  me  all  the  jargon  about  Whigs  &  Conservatives  etc.  etc.  if  the  aboli 
tionists  stand  between  me  &  the  White  Gate  at  Longwood?  these  are  the  inquiries 
that  make  me  an  administration  man  —  with  me  the  very  foundation  of  liberty  is 
slavery  &  I  go  for  Mr.  Van  Buren  because  Mr.  Van  Buren  goes  for  me  &  it  would 
be  worse  than  hypocrisy  in  me  to  be  hunting  about  for  better  reasons  than  this  with 
a  strong  current  sitting  against  us,  with  the  whole  world  looking  angrily  at  our  in 
stitution  &  the  prevailing  feeling  of  mankind  plainly  developing  a  disposition  to 
overthrow  them,  how  can  the  South  afford  to  talk  about  this  man,  or  that  man,  with 
the  message  of  the  President  &  the  actions  conforming  to  his  message  staring  us 
in  the  face?"  Poinsett  MSS.  in  Pennsylvania  Historical  Society  Library. 

1  By  this  period  Calhoun  realized  that  his  alliance  with  the  Whig  Party  would 
absorb  his  followers  and  that  a  coalition  with  the  party  in  power  would  better  serve 
his  purposes.  Accordingly  he  broke  his  alliance  with  the  Whig  Party.  For  a  care 
ful  and  illuminating  discussion  of  Calhoun's  actions  at  this  time,  cf.  Cole,  Whig 
Party  in  the  South,  pp.  46-48. 


To  John  Forsyth  307 


BIDDLE  TO  JOHN  FORSYTH  J 

(confidential}  Phila.  April  30,  1838  — 

My  dear  Sir  — 

.  .  .  The  Bank  of  the  U.  States  owes  about  six  millions 
of  dollars  to  the  Govfc.  payable  by  instalments  due  in  Sepf 
nxt —  Sep.  i839~Sep.  1840.  Now  the  Bank  might  anticipate 
these  payments  at  once,  and  put  the  Govfc.  in  funds  for  its 
pressing  wants.  In  this  Settlement,  as  it  is  the  payment  of  a 
debt  and  does  not  come  under  the  Same  line  as  the  ordinary 
revenue  —  there  need  be  no  operation  of  specie  payment  or 
any  other  payment,  for  the  public  creditor  would  be  too 
happy  to  receive  a  draft  on  the  Bank  with  the  option  of  asking 
specie  for  it  if  he  choose  to  demand  it,  just  as  the  Secretary 
of  the  Navy  last  year  paid  the  pensioners. 

The  first  effect  of  such  an  arrangement  would  be  to  quiet  the 
minds  of  the  people  as  to  what  is  regarded  as  the  hostility  of 
the  Gov*.  to  the  Banks  —  the  most  serious  obstacle  at  pres 
ent  to  a  general  restoration  of  the  Currency  —  and  it  would 
go  further  than  any  other  measure  I  know  to  promote  that  ob 
ject.  An  easy  consequence  of  this  would  be  a  return  to  some 
thing  like  the  ancient  habits  of  inter  course  between  the  Bank 
&  the  Gov*.  which  would  lead  to  this  result.  I  think  that  the 
Gov*.  may  be  satisfied  that  no  System  could  work  better  than 
that  of  the  late  Bank  of  the  U.S.  Now  the  present  Bank  is  only 
the  late  Bank  with  no  change  except  in  the  origin  of  its  char 
ter.  Its  whole  machinery  can  be  remounted  in  twenty  four 
hours  —  and  thence  forward  it  can,  without  difficulty,  engage 
to  receive  &  disburse  the  public  funds  in  every  part  of  the 
U.S.  without  any  charge  whatever,  in  specie  or  its  equivalent, 

1  Secretary  of  State  in  Van  Buren's  Cabinet. 


3  o  8     Correspondence  of  Nicholas  Bid  die 

at  the  option  of  the  public  creditor.  If  therefore  by  a  simple 
arrangement  of  that  Kind  with  the  Bank,  you  can  restore 
the  administration  of  the  funds  to  its  former  footing,  you 
accomplish  several  objects.  The  first  of  course  is  that  the  work 
of  the  Gov*.  is  well  done.  The  second  is  that  you  are  relieved 
from  all  connection  in  detail  with  a  multitude  of  banks,  the 
fruitful  source  of  trouble  &  political  danger.  Then  you  get  rid 
of  the  debatable  question  of  the  National  Bank  —  You  avoid 
the  embarrassment  of  retracting  any  fixed  opinions — you 
restore  in  the  most  effectual  way  you  can,  at  least  you  con 
tribute  as  far  as  you  can  to  restore,  the  currency. 

Finally,  you  thus  get  peace  —  not  a  bad  thing  at  any  time 
—  but  a  remarkably  good  thing  at  this  time.  For  myself  — 
this  business  of  Texas,  and  a  much  more  important  matter 
which  I  project,  make  me  desire  to  close  up  these  old  sources 
of  discontent.  I  am  therefore  singularly  pacific  &  amiable 
just  now. 

It  seems  to  me  then,  that  you  have  an  opportunity  of 
making  a  political  movement  —  a  coup  d'etat  worth  trying. 
I  believe  that  at  this  moment  a  reconciliation  between  the 
/  Bank  &  the  Gov*.  would  do  more  both  at  home  &  abroad  to 
settle  our  troubles  than  any  other  measure  that  could  be 
adopted.  Its  influence  here  in  disarming  the  hostility  of  those 
who  consider  the  Gov*.  as  indisposed  to  the  credit  system,  you 
may  estimate  better  than  I  can.  This  could  be  done  simply 
by  putting  aside  the  Sub  treasury  bill,  and  all  other  projects, 
and  leaving  the  whole  matter  on  the  footing  of  the  resolution 
of  1816,  which  would  make  it  the  subject  of  treasury  regu 
lation. 

Having  thus  unburdened  my  mind,  I  leave  the  rest  to  you, 
if  you  think  the  suggestion  worth  following  out.  If  not,  it  of 


From  Henry  Clay  309 

course  rests  between  ourselves,  as  no  one  will  be  aware  of  the    >. 
contents  of  this  letter.  The  negociation  for  anticipating  the  ^ 
first  instalment  is  going  on  under  the  auspices  of  the  gentle 
man  who  has  had  charge  of  it  —  but  the  occasion  seems  a 
good  one  to  follow  out  the  mere  intended  arrangement  here 
suggested. 

HENRY  CLAY  TO  BIDDLE 

Washn.  30th  May  1838 
My  Dear  Sir 

I  recd.  your  favor  of  the  28th  ins1.  You  will  have  seen 
that  the  resolution,  which  had  passed  the  Senate,  rescinding 
the  Specie  Circular,1  has  also  passed  the  House  this  morn 
ing  in  less  than  three  hours  after  it  was  recd  by  a  majority  of 
more  than  five  to  one! 

I  sincerely  hope  that  the  condition  of  your  Bank  is  such  as\ 
to  admit  of  your  seizing  this  occurrence  to  make  an  early  re-  \ 
sumption.  I  am  extremely  anxious  on  your  account  as  well    \ 
as  that  of  the  public  that  your  Bank  shall  continue  to  main-    / 
tain  its  high  character  / 

You  will  have  seen  and  you  will  comprehend  the  object  and  > 
the  benefits  of  the  movement  I  made,  in  respect  to  a  Bank  of 
the  U.S.  It  will  turn  public  attention  to  the  subject  in  the 
abstract.  It  will  suspend  or  render  harmless  malignant  at 
tacks  on  your  Bank.  And  it  may  even  reconcile  the  public 
ultimately  to  the  grant  of  a  National  Charter  to  your  Bank. 
I  should  be  satisfied  with  either. 

1  The  Specie  Circular  was  rescinded  by  a  joint  resolution  of  May  21,  1838, 
which  forbade  the  Secretary  of  the  Treasury  "to  make  or  to  continue  in  force,  any 
general  order,  which  shall  create  any  difference  between  the  different  branches  of 
revenue,  as  to  the  money  or  medium  of  payment,  in  which  debts  or  dues,  accruing 
to  the  United  States,  may  be  paid."  Cf.  U.S.  Statutes  at  Large,  vol.  v,  p.  310. 


3 1  o    Correspondence  of  Nicholas  Biddle 

Altho'  I  did  not  think  it  right  to  allude  to  our  conversation 
on  the  few  remarks  I  addressed  to  the  Senate,  I  have  to  sev 
eral  friends  said  that  Mr.  Biddle  elevated  patriotism  made  him 
look  above  the  interests  of  the  particular  institution  with  which 
he  is  charged  to  the  welfare  of  his  Country. 

TO  ROSWELL  L.  COLT  1 

May  30,  1838 
My  dear  Sir, 

Tonight  my  advices  from  Wash11  are  that  the  virtual 
repeal  of  the  Specie  Circular  which  has  passed  the  Senate  will 
pass  the  House  in  a  day  or  two. 

This  will  satisfy  us  —  &  I  will  make  an  immediate  move 
for  a  general  resumption  in  conjunction  with  the  South  & 
West  —  and  a  decision  upon  the  New  York  application. 

(This  will  give  an  opportunity  of  repairing  the  losses  of 
your  friends  which  I  have  often  heard  you  deplore 

TO  BIDDLE  2 

Private  as  murder  (1838) 

I  will  tell  you  a  short  story.  I  left  W.  for  Boston,  in 
April.  I  signified  to  my  friends  that  on  my  return  I  should 
bring  forward  a  measure,  by  itself,  for  repealing  the  Treasury 
order,  &  should  put  it  in-  the  same  form,  as  my  amendment, 
introduced  for  the  same  purpose,  into  the  Sub-Tresury  Bill. 
They  all  thought  it  would  be  a  good  move;  &  one  of  them  said 
to  me,  as  you  have  mentioned  your  purpose,  and  it  will  be 
come  known,  lest  you  should  be  anticipated,  you  will  do  well  to 

1  There  is  no  signature  to  this  letter,  but  it  is  in  Biddle's  handwriting. 

2  This  letter,  undated,  was  undoubtedly  written  in  May,  1838,  and  throws  an 
interesting  side-light  on  politics  in  Washington  at  this  period.  It  is  in  Webster's 
handwriting. 


To  Samuel  Jaudon  311 

mention  it  to  Mr.  C.  Accordingly,  with  that  friend,  I  walked 
over  to  Mr  C's  lodgings,  the  Evening  before  I  left  Washing 
ton,  explained  my  purpose  to  Mr  C.  &  assured  him  that  the 
first  day  after  my  return,  I  should  bring  forward  the  measure 
if,  in  the  mean  time,  the  H.  of  R.  should  not  take  up  the 
Sub-Treasury  Bill. 

After  I  had  been  heard  of,  on  my  return,  at  New  York, 
&  one  or  two  days  before  my  arrival  here,  Mr  C.  brought 
forward  a  Resolution  himself  —  and  some  considerable  bruit 
ensued,  about  his  promptitude  to  aid  the  mercantile  interest 
& so  the  world  goes ! 

Burn  this  —  as  it  is  libellous,  in  the  extreme  — 

BIDDLE  TO  SAMUEL  JAUDON 

Phil8.  May  31,  1838 
My  dear  Sir, 

.  .  .  The  tide  now  has  begun  to  turn,  and  the  Bank 
has  received  to  day  a  triumph  such  as  it  never  enjoyed  in  any 
part  of  its  career.  You  know  that  the  stand  taken  by  the  Bank 
was,  that  it  would  not  resume  until  the  Gov*.  changed  its 
course,  as  there  could  be  no  security  for  specie  payments 
while  the  Govfc.  itself  made  the  distinction  between  specie  & 
notes.  Accordingly  the  contest  has  literally  been  between 
the  Bank  &  the  Executive.  With  what  result  you  will  see  by 
the  proceedings  of  yesterday  when  on  the  very  same  day  the 
Specie  Circular  was  repealed  in  the  Senate  by  a  vote  of  34  to 
9,  and  in  the  House  by  154  to  29.  I  have  immediately  en-* 
deavoured  to  justify  the  confidence  of  the  country  by  issuing  \ 
a  note  to  Mr  Adams  1  in  which  suppressing  all  feelings  of  J 

1  Biddle's  letters  to  Mr.  Adams  are  reprinted  in  Niles,  April  14, 1838,  and  May 
31,  1838. 


312     Correspondence  of  Nicholas  Bid  die 

triumph,  I  merely  announced  the  fact  that  we  should  now 
proceed  to  take  measures  for  resumption.  At  the  same  time 
we  resolved  to  yield  to  our  New  York  friends  who  wished  us 
to  have  a  Branch  there  under  the  new  Banking  law.  This 
application  is  itself  one  of  the  most  extraordinary  symptoms 
of  the  good  feeling  which  pervades  the  commercial  commu 
nity  of  New  York.  I  send  you  an  extract  from  the  newspa 
per  of  to-day  containing  a  notice  of  it,  as  well  as  my  letter  to 
Mr.  Adams  —  &  I  will  inclose,  if  they  can  be  prepared  in 
time,  copies  of  the  correspondence  with  Mr  Adams  on  the 
subject. 

-  I  now  mean  to  turn  my  immediate  attention  to  mak- 
/  ing  a  simultaneous  movement  in  the  South  &  West,  so  as 
/  to  make  the  resumption  really  worth  having  —  &  I  hope 
I  to  be  able  to  rally  up  the  whole  country  to  an  efficient 
\exertion. 

The  efforts  made  here  to  injure  the  Bank  and  which  are 
echoed  on  your  side,  have  ceased  to  have  any  effect  here,  & 
the  Bank  will  probably  be  in  a  more  desirable  situation  than 
it  ever  was. 

I  shall  even  not  be  very  much  surprized  if  some  coquetting 
passes  between  our  administration  friends  and  the  Bank,  as 
we  are  in  a  singularly  amiable  humour. 

You  know  that  Woodbury  is  appointed  Chief  Justice  of 
New  Hampshire  &  leaves  the  Treasury,  being  in  fact  turned 
out  in  the  shape  of  a  resignation;  so  that  according  to  Euro 
pean  ideas,  the  President's  ordinance  being  repealed,  by  both 
Houses  of  Congress,  &  the  Minister  who  issued  it  being  dis 
missed,  it  may  be  regarded  as  a  civil  revolution  on  the  side  of 
the  Bank. 


To  John  Sergeant  3 1 3 


BIDDLE  TO  SAMUEL  JAUDON 

Phil8.  June  9,  1838 
My  dear  Sir, 

We  received  yesterday  your  letter  of  the  5th  ulto.  I 
am  not  surprized  that  the  echo  in  London  of  all  the  trash  cir 
culated  here  has  annoyed  you.  But  we  have  surmounted  them 
on  this  side  —  and  I  think  the  Bank  stands  even  better  now 
than  it  ever  did  in  the  general  estimation.  You  will  have  seen 
that  we  hailed  the  first  glimpse  of  sunshine  offered  by  the 
repeal  of  the  Specie  Circular.  But  as  soon  as  it  passed,  the 
party  of  the  Administration  rallied  upon  the  Sub  Treasury 
Bill.  That  bill,  as  you  know,  passed  the  Senate,  but  is  now 
in  such  a  position  in  the  House  that  it  cannot  be  reached  with 
out  a  vote  of  two  thirds.  Accordingly  Mr  Cambreling  has 
brought  in  a  fresh  bill  which  a  majority  can  control,  &  which 
the  Administration  mean  to  push  thro'  the  House.  If  this  be 
the  case,  it  will  undo  all  that  has  hitherto  been  done.  Mr  Ser 
geant  is  here  on  a  visit,  and  he  thinks  the  matter  so  critical, 
&  is  so  anxious  to  obtain  even  a  single  vote  that  we  are  about 
sending  down  some  people  to  Washington  to  explain  to  the 
representatives  from  our  State  how  extremely  injurious  to  its 
interests  such  a  bill  would  prove,  and  urging  them  to  defeat 
it.  With  what  success  a  week  will  determine.  ... 

BIDDLE  TO  JOHN  SERGEANT 

Phila.  June  15,  1838 
My  dear  Sir, 

We  are  doing  some  little  matters  about  the  Sub 
Treasury  bill,  which,  from  all  I  can  understand,  will  not  pass. 
At  the  same  time  I  wish  to  omit  nothing  to  prevent  its  pas- 


3 1 4    Correspondence  of  Nicholas  Biddle 

sage  —  and  therefore  I  will  thank  you  to  send  me  by  return 
of  mail  if  convenient,  a  list  marked  with  all  those  who  you  are 

^sure  will  vote  against  it,  &  let  me  know  also  how  many  votes 
you  want  in  addition.  Perhaps  we  may  prove  to  some  of  our 
Penna  members,  that  their  course  is  injurious  to  the  state  & 
to  themselves. 

\ 

BIDDLE  TO  SAMUEL  JAUDON 

Phila.  June  23,  1838 
My  dear  Sir, 

...  I  think  now  we  are  approaching  the  end  of  our 
war.  The  repeal  of  the  Specie  Circular  was  an  actual  surren 
der  by  the  Administration  —  but  since  then,  they  have  ral 
lied  in  great  force  on  the  Sub-Treasury  bill  which  was  sup 
posed  to  be  dead  &  buried.  The  real  political  secret  of  this 
bill  is  that  the  most  of  the  Admn.  party  do  not  like  it  — 
that  Mr  Calhoun  is  driving  them  into  it  in  order  to  promote 
his  own  advancement.  I  think  however  it  will  be  defeated. 
Then  we  shall  come  to  some  modification  of  the  deposit  sys 
tem.  What  I  wish  to  establish  is  that  the  business  of  the 
/  country  &  the  public  revenue  shall  pass  through  Banks  — 
1  &  not  thro'  mere  receivers  —  and  this  I  think  we  shall  es- 
\tablish  at  last.  .  .  . 

BIDDLE  TO  SAMUEL  JAUDON 

Phila.  June  29,  1838 
My  dear  Sir, 

I  have  but  a  moment,  as  usual,  to  write,  as  the  Bank 
is  closing,  &  the  mail  for  the  Sirius  going. 
The  repeal  of  the  Specie  Circular  has  been  followed  by 


To  Thaddeus  Stevens          315 

a  fresh  defeat  in  the  rejection  of  the  Sub-Treasury.1  Mr 
Buchanan  has  renewed  the  matter  of  the  special  deposit,  but 
it  will  fail. 

In  England  we  should  have  seen  an  instant  change  of  min 
istry.  Here  ministers  are  engaged  on  wages  for  a  year  —  & 
however  they  may  misbehave,  will  serve  out  their  term.  On 
the  9th  of  July,  Congress  will  adjourn  —  and  then  the  Ad 
ministration,  poor  &  dispirited,  will  be  brought  to  reason  as 
wild  beasts  are  tamed  by  hunger. 

Remember  that  whatever  you  may  read  to  the  contrary, 
the  repeal  of  the  Specie  Circular  &  the  defeat  of  the  Sub 
Treasury  are  the  results,  exclusively,  of  the  course  pursued 
by  the  Bank  of  the  U.S.  If  we  had  done  as  the  New  York 
Banks  had,  succumbed  to  the  Gov4.  &  resumed  when  they 
did,  it  would  have  been  a  surrender  at  discretion.  I  was 
willing  to  risk  the  temporary  overshadowing  to  have  a  per 
manent  sunshine;  and  I  think  we  shall  soon  have  it.  .  . 


s  \  \ 

-X/ 


BIDDLE  TO  THADDEUS  STEVENS 

Phila.  July  3,  1838 
My  dear  Sir 

You  are  a  magician  greater  than  Van  Buren,  &  with 
all  your  professions  against  Masonry,  you  are  an  absolute 
right  worshipful  Grand  Master.  I  received  yesterday  your 
letter  of  the  2yth  ult°.  and  to  day  I  write  the  letter  to  the  Gov*. 
of  which  of  which  I  annex  a  copy.  This  is  worth  to  you  a 
dozen  resumptions.  On  that  subject  you  will  talk  all  the  truth 
you  dare,  and  if  you  can  persuade  our  worthy  friends  that  \ 
this  is  a  matter  to  be  decided  exclusively  by  business  &  not  \ 
politics  you  will  do  good  service  to  the  good  cause. 

1  The  vote  to  reconsider  the  measure  was  lost  in  the  House,  205  to  21. 


3 1 6    Correspondence  of  Nicholas  Bid  die 


BIDDLE  TO  JOEL  R.  POINSETT 

(Private)  Phila.  July  11,1838 

Dear  Sir 

Mr  Kimble  of  the  House  of  Representatives  called 
upon  me  today  and  expressed  to  me  a  wish  on  your  part  to 
know  whether  the  bonds  of  the  Bank  could  be  made  available 
for  the  use  of  your  Department.  I  hasten  to  say  that  from  a 
desire  to  promote  the  public  service,  as  well  as  from  consid 
erations  personal  to  yourself,  it  will  afford  me  great  pleasure 
to  do  anything  which  may  contribute  to  the  successful  ad 
ministration  of  your  Department. 

There  are,  as  you  are  aware,  three  bonds  payable  on  the 
Ist  of  October  of  1838-39  &  40,  respectively.  The  two  which  it 
is  proposed  to  sell  cannot  be  sold  either  in  this  country  or  in 
Europe,  and  the  money  can  be  furnished  for  them  by  the 
Bank  only.  But  I  should  be  disposed  to  advance  the  money 
on  the  first,  second,  and  perhaps  third  of  them,  if  it  could 
be  made  the  interest  of  both  the  Department  and  the  Bank. 
If  therefore  you  can  in  the  first  instance  so  arrange  it  as  to 
have  the  bonds  placed  at  your  disposition  to  raise  the  money 
on  them,  and  let  me  know  how  and  where  and  when  your 
disbursements  are  to  be  made,  I  will  at  once  tell  you  what 
I  can  do. 

BIDDLE  TO  THOMAS  COOPER 

Phila.  July  13,  1838 
My  dear  Sir 

.  .  .  You  have  seen  that  during  this  late  tempest  I  took 
a  deliberate  stand  against  the  administration  determined  to 
do  nothing  until  they  were  defeated,  and  I  know  that  this 


From  R.  M.  Blatchford       3 1 7 

opposition  caused  their  defeat.  Now  having  triumphed,  the 
resumption  of  specie  payment  will  be  speedy  and  effectual. 

BIDDLE  TO  R.  M.  BLATCHFORD 

Phil8.  July  31,  1838 
My  dear  Sir 

I  will  thank  you  to  take  charge  of  a  little  matter  which 
may  become  important  unless  wisely  managed.  The  Bank 
has  just  made  a  settlement,  mutually  advantageous  to  both 
parties,  with  the  Gov4.  To  you,  who  know  all  the  bearings 
of  such  a  measure,  I  need  not  say,  that  I  regard  it  as  the  ter- 
x  mination  of  the  war,  &  therefore  of  great  benefit  alike  to  the 
LBank,and  to  the  country.  But  if  it  be  a  matter  of  advantage  to 
the  Bank,  or  of  triumph  to  its  friends,  like  all  triumphs  it  should 
be  enjoyed  with  moderation.  In  noticing  it  therefore,  by  the 
press,  I  would  specially  avoid  everything  like  exultation  — 
everything  like  rep  roach  to  the  administration  as  being  forced, 
at  last,  to  resort  to  the  Bank.  But  on  the  contrary  the  admin 
istration  should  be  treated  as  having  done  a  good  thing,  and 
should  have  credit  for  a  pacification  which  cannot  fail  to 
be  useful  to  the  country.  It  may  be  of  some  consequence  to 
the  Admn.  to  see  that  they  do  not  expose  themselves,  by  this 
step,  to  sneers  and  sarcasms  from  their  political  opponents. 

Will  you  have  the  goodness  to  suggest  this  as  the  proper 
tone  to  be  adopted  by  our  friends  in  New  York  ? 

R.  M.  BLATCHFORD  TO  BIDDLE 

New  York  Aug:  I,  1838 
My  dear  Sir 

I  had  the  honor  of  receiving  this  morning  Your  letter 
of  Yesterday. 


3 1 8     Correspondence  of  Nicholas  Biddle 

The  best  answer  I  can  give  to  it  is  the  two  extracts  which 
I  enclose  —  one  from  the  Commercial  —  the  other  from  the 
Star — they  were  prepared  in  haste  but  I  believe  they  em 
body  the  spirit  of  Your  Suggestions.  I  shall  not  approach  the 
American  on  the  subject — The  Courier  &  Express  I  will  take 
care  of  this  afternoon. 

I  am  heartily  glad  that  the  War  is  ended. 

P.S.  I  have  written  to  Albany  in  order  that  a  proper  tone 
will  be  assured  by  the  Evening  Journal  which  is  after  all  the 
controlling  Whig  paper  in  this  State. 

BIDDLE  TO  SAMUEL  JAUDON 

Phila.  Aug*.  3,  1838 
My  dear  Sir 

Leaving  to  our  friends  Mess".  Cowperthwait  &  Dun- 
lap  to  give  you  all  the  details,  I  shall  employ  the  only  few 
moments  of  leisure  I  can  command  before  the  sailing  of  the 
Steamship,  to  say  two  or  three  things  which  may  interest 
you. 

I .  We  have  settled  with  Gov*.  for  our  bonds,  and  settled 
in  a  way  particularly  agreeable.  You  know  my  opinion,  which 
I  have  never  concealed,  in  regard  to  the  individuals  who 
have  for  the  last  ten  years  governed  the  country.  These 
opinions  are  confirmed  rather  than  changed.  But  looking,  as 
I  do,  to  what  I  deem  the  great  interests  of  the  country,  & 
.Specially  bound  to  protect  the  interests  committed  to  my 
charge,  my  object  has  been  to  bring  the  existing  Gov*.  to 
such  a  course  of  measures  as  would  remedy  present  evils, 
until  some  political  revolution  should  restore  wiser  counsels 
at  Washington.  To  bring  this  about,  there  was  no  safe  course 


To  Samuel  Jaudon  3 1 9 

but  one  of  open  and  decided  defiance,  to  show  that  the  Bank 
was  not  at  all  afraid  of  the  administration,  and  would  not 
depart  from  its  own  policy  until  the  Gov*.  had  renounced 
the  follies  which  it  was  laboring  to  propagate.  Accordingly 
it  became  necessary  to  say  that  the  Bank  U.S.  and  the  other 
banks  would  not  resume  specie  payments  until  the  Gov*.  had 
announced  its  own  policy.  The  parties  stood  in  that  attitude, 

—  the  good  cause  weakened  by  the  desertion  &  the  weakness 
of  those  New  York  21/2  per  cent  patriots  —  but  still  strong 
enough  to  face  the  enemy.  Our  efforts  were  of  course  directed 
to  the  repeal  of  the  specie  circular,  &  when  that  was  done, 
and  the  admn.  made  a  last  rally  on  the  sub  treasury  bill,  by 
great  exertion  they  were  defeated  on  that  point.  This  settled 
the  matter.  The  real  question,  as  you  know  perfectly  well, 
was,  whether  the  Gov*.  should  carry  on  its  finances  by  the  in 
strumentality  of  banks,  or  of  special  receivers  of  Gold  &  Sil 
ver  only;  and  the  vote  of  the  H.  of  Reps.  decided  that  the 
sense  of  the  country  was  for  the  old  mode.  The  adjournment 
of  Congress  hastened  the  process  of  repentance,  by  leaving 
the  Admn.  without  any  means  of  carrying  on  the  public  busi 
ness,  unless  by  the  sale  of  the  Bonds.  I  had  taken  my  own 
position  in  that  narrow  defile,  thro'  which  I  was  sure  they 
would  have  to  pass,  and  where  accordingly  we  met.  What  be- 
f el,  you  may  imagine,  — •  since  we  have  come  out  good  friends ; 

—  and  after  a  little  coquetry  and  a  little  flirtation,  I  think  it 
not  improbable  that  Mr  (not  Mrs)  Woodbury  &  I  will  be  ten 
der  &  true,  after  the  Douglass  fashion. 

The  settlement  is  in  this  form : 

The  first  bond  due  in  September  next,  will  be  divided 
into  three  instalments,  payable  on  the  15th.  of  August, 
September  and  October,  respectively. 


320    Correspondence  of  Nicholas  Bid  die 

The  second  bond,  due  in  September  1839,  is  immediately 

cashed  on  the  Ist  ins*. 

The  third;  the  Secy  is  not  yet  sufficiently  pressed  to  sell 

—  but  when  he  does  sell,  we  are  to  have  the  refusal. 
The  money  is  placed  at  once  to  the  credit  of  the  Treasurer 
of  the  United  States,  &  remains  on  deposit  with  us — with 
out  interest  —  and  the  See7  gives  a  List,  &  the  Secy  of  War 
gives  another  list,  of  the  points  where  he  wants  the  disburse 
ments  made,  which  embrace  the  whole  West  &  South  West, 
and  the  warrants  of  the  Treasurer  are  drawn  on  the  Bank  of 
the  United  States,  payable  in  Missouri,  Arkansas  &c  &c. 

The  benefit  of  time  and  exchange  are  thus  apparent  —  and 
the  Bank  is  now  actually  a  depository  of  the  public  money; 
/ —  so  that  the  result  is,  that,  after  all  the  nonsense  of  the 
last  few  years,  the  Gov*.  takes  in  payment  of  a  bond,  a  credit 
in  a  bank  which  does  not  pay  specie  yet,  and  which  had  de 
clared  that  it  did  not  mean  to  pay  specie  until  that  very 
Gov*  had  abandoned  its  course.  Our  Washington  friends 
are  scarcely  aware  of  the  concession  which  this  involves,  and 
I  have  taken  pains,  throughout  the  country,  that  the  opposi 
tion  should  indulge  in  no  exultation  —  no  sarcasm  —  noth 
ing  which  should  startle  the  treasury  and  blight  our  budding 
loves;  —  for  my  present  intention  is  to  make  the  Bank  a 
general  depository  of  the  funds  of  the  Gov*.  You  know  what 
a  difficult  and  almost  incredible  work  that  will  be, — but 
there  is  no  room  for  despair  after  what  has  occurred,  —  for 
the  partizans  of  the  Gov1.  are  not  yet  recovered  from  the 
amazement  caused  by  this  recent  inexplicable  movement. 

You  see  that  we  resume  on  the  13th  of  this  month.  We  be 
gin  without  having  sacrificed  any  great  interest.  We  begin 
with  a  wide  circle  of  resumers,  whom  our  delay  has  enabled  to 


From  B 321 

prepare;  —  and  we  begin  after  having  fairly  beaten  down  the\ 
Gov*.,  and  secured  the  ascendency  of  reason  for  the  future./ 
We  arrive  in  port  without  having  been  under  the  necessity 
of  throwing  over  any  of  our  cargo.  We  arrive,  for  every  useful 
purpose,  just  as  soon  as  our  neighbours,  who  lost  over  board 
a  large  part  of  the  passengers;  and  we  only  stopped  on  the 
way  to  sink  a  pirate.  So  that,  on  the  whole,  I  have  no  reason 
to  be  dissatisfied  with  our  course. 

2.  Just  as  we  were  preparing  our  machinery  for  the  New 
York  concern,  we  found,  to  our  great  surprize,  that  under  the 
law  it  was  doubtful  whether  the  Bank,  as  a  corporation,  could 
become  an  associate,  and  we  were  obliged  to  give  up  our 
plan.  I  think  it  very  probable,  however,  that  the  object  will 
be  accomplished,  even  in  a  better  form,  if  we  make  an  ar 
rangement  with  a  small  association  to  do  our  business  in  New 
York.  We  say  nothing  of  this  on  our  side  of  the  water;  but  I 
think  that  the  arrival  after  you  receive  this,  will  give  you  de 
tails.  I  mention  it  now,  merely  that  you  may  know  that  we 
shall  probably  soon  do  the  largest  commercial  business  in 
New  York.  .  .  . 

B l  TO  BlDDLE 

Phila  Auge  IIth  1838 
My  dear  Sir 

I  have  had  quite  an  interesting  interview  with  a  Loco 
Foco  friend  who  has  returned  last  night  from  the  South.  He 
has  been  as  far  south  as  the  Springs  and  has  had  very  free 
conversations  with  the  President  relative  to  the  Party  and 
the  future  prospects  of  the  greate  Democratic  family.  The 

1  This  letter  is  in  the  handwriting  of  C.  S.  Baker,  who  had  maneuvered  the 
Resolutions  against  the  Sub-Treasury  through  the  Pennsylvania  Legislature. 


322     Correspondence  of  Nicholas  Bid  die 

result  of  my  friends  mission  is  very  satisfactory.  As  He  was 
commissioned  by  me  for  the  purpose  of  ascertaining  the 
views  entertained  by  the  President  toward  the  Bank  of  the 
United  States  he  turned  his  attention  to  that  subject  entirely. 
He  urged  upon  the  President  the  absolute  necessity  there 
was  of  abandoning  the  present  policy  and  hinted  that  in  his 
opinion  the  only  way  of  defeating  Mr  Clay  was  by  making 
Peace  with  the  Bank  of  the  U  States.  The  President  received 
his  Hint  in  a  very  gracious  manner  and  said  he  was  in  the 
Hands  of  the  poeple  and  If  thay  resolved  to  have  the  Govern 
ment  connected  with  the  Bank  He  the  President  would  not 
oppose  the  will  of  the  majority  when  it  had  been  clearly  ex 
pressed.  The  President  agreed  with  him  that  if  Mr  Rives  of 
Virga  could  be  reconciled  it  would  be  accomplishing  much  to 
wards  a  Reconciliation  of  the  differences  that  had  recently  ex 
isted  in  the  party.  This  would  be  a  death  blow  to  the  Con 
servative  party  and  then  remarked  my  friend  would  not  the 
withdrawing  of  the  Bank  of  the  United  States  from  the  whig 
party  produce  the  same  effect  upon  them  (the  Whigs)  as  the 
loss  of  Mr  Rives  would  be  to  the  Conservative  Interest.  The 
president  remarked,  it  is  entitled  to  consideration,  my  im 
pression  is  it  would.  To  sum  up  my  friend  is  impressed  with 
the  Idea  that  the  President  is  personally  very  anxious  for  a 
Reconciliation  and  If  Mr  Rives  will  consent  to  run  as  Vice 
president  theire  would  be  no  difficulty  in  making  the  arrange 
ments.  All  the  best  plans  of  getting  back  to  the  old  Land 
marks  of  the  party  were  discussed — the  disposition  to  be 
made  of  Blaire  &  others  conditioned  an  arraingement  of  this 
Kind  were  entered  into  was  glanced  at  and  considered  per 
fectly  feasible.  The  greatest  difficulty  appeared  to  be  the  con 
summation  of  the  act.  The  disposition  or  feeling  is  Right  — 


From  T*homas  Cooper          323 

...  I  have  also  a  Letter  from  my  Virginia  friend.  He  re 
marks  the  President  is  quite  wearied  in  fighting  Banks  and 
feels  that  he  has  been  defeated  by  the  monsters  —  to  Speak 
more  plainly  The  President  attributes  the  defeate  of  the  Sub  j 
Treasury  to  the  Influence  of  the  Bank  of  the  U  States  —  my 
friend  Remarked  to  the  President  in  the  coarse  of  the  con 
versation  "I  should  think  it  bad  policy  to  have  in  the  field 
so  formidable  a  foe."  The  President  smiled  and  said  Mr 
Biddle  was  a  hard  opponent — more  when  I  have  the  honour 
of  an  interview. 

THOMAS  COOPER  TO  BIDDLE 

Columbia  14  Aug.  1838.  S.  Car. 
Dear  Sir 

I  wish  to  state  why  I  penned  the  communication  I 
have  lately  sent.  You  need  not  write  to  me  in  reply,  but  re 
flect  on  my  suggestions.  I.  Webster,  Clay,  Van  Beuren,  are  the 
next  presidential  Candidates.  Clay  goes  for  a  national  bank, 
but  not  for  yours.  Van  Beuren  wishes  to  be  driven  into  the 
adoption  of  one  at  Washington,  under  his  eye  &  control. 

I  think  Clay  looks  to  the  same  Site,  for  the  same  reason. 

Whether  Webster  goes  with  you  or  not,  I  cannot  tell :  prob 
ably  yes. 

If  Clay  can  get  the  votes  of  New  York  or  Pennsylvania, 
his  chances  for  election  are  good.  Van  Beuren  will  get  per 
haps  a  majority  of  the  South:  I  greatly  dislike  the  ultra 
federalism  of  Webster,  but  it  is  clear  to  me,  your  interest  is 
allied  to  his;  and  that  his  success  depends  on  overcoming  the 
reasonable  republican  prejudices  of  New  York  &  Pennsyl 
vania  against  him. 

Hence,  it  is  of  great  importance,  if  you  wish  a  reinstatement, 


324    Correspondence  of  Nicholas  Biddle 

to  stand  fair  before  the  populace  in  a  political  point  of  view. 
Without  this,  you  cannot  counteract  Clay:  I  should  say,  keep 
up  the  ball  I  have  thrown  up  into  the  air  by  frequent  discus 
sions  in  the  papers.  You  have  honest,  honourable,  popular 
|  ground  to  place  your  foot  on,  firmly.  .  .  .  These  are  my  no- 
l  tions;  I  have  no  desire  to  know  yours:  therefore  you  need  not 
write  to  me  on  the  subject.  I  send  directions,  to  make  up,  the 
part  of  my  communication  which  was  omitted  for  want  of 
documents.  I  remain  with  kind  respects  .  .  . 

BIDDLE  TO  SAMUEL  JAUDON 

Philad3.  August  15,  1838 
My  dear  Sir 

I  have  little  to  add  to  what  I  wrote  by  the  Royal  Wil 
liam,  of  which  I  enclose  a  copy. 

Our  arrangements  with  the  Gov*.  are  in  very  satisfactory 
progress.  We  have  placed  to  their  credit  the  proceeds  of  the 
two  first  bonds,  and  they  indicate  the  points  of  disbursements, 
which,  being  very  remote  and  numerous,  afford  the  ad 
vantages  of  circulation  &  exchange.  But  the  greatest  satis 
faction  of  all  is,  that  this  arrangement  brings  back  the  Gov1. 
to  its  old  position  of  doing  its  business  thro'  Banks,  and  by 
means  of  Bank  credits.  So,  the  triumph,  is,  I  think,  com 
plete.  The  two  political  parties,  meanwhile,  are  confounded, 
and  are  not  yet  able  to  comprehend  it.  The  Admn  people  be 
lieve  that  I  must  have  bought  Mr  Van  Buren,  —  the  opposi 
tion  fearing  that  this  will  strengthen  the  ministry  and  work 
against  the  interests  of  Mr  Clay.  You  know  that  my  owfk 
course  has  reference  merely  to  the  service  of  the  Country/ 
and  if  these  people  are  beaten  into  measures  that  are  bene-\ 
ficial,  I  shall  not  permit  myself  to  avoid  co-operating  with  ' 


To  Daniel  Webster  325 

them,  lest  it  should  injure  the  prospects  of  our  political  party. 
The  great  power  of  the  Bank  lies  in  its  total  independence 
of  all  of  them. 

Our  resumption  on  the  13th  works  very  well,  the  demand 
for  specie  being  very  small. 

BIDDLE  TO  DANIEL  WEBSTER  * 

Phil3.  Septem  6,  1838 
My  dear  Sir 

I  stated  to  you,  last  year,  my  views  in  regard  to  Texas; 
and  you  then  thought  that  if  the  plan  of  annexation  to  the 
United  States  could  be  abandoned,  every  consideration  of 
feeling  &  interest  would  conspire  to  make  us  desire  its  pros 
perity.  That  question  is  now  settled.  Mr  Jones,  the  new 
Minister,  arrived  two  days  ago  in  Phila.,  and  he  is  instructed 
to  withdraw  the  proposal  of  union.  This  troublesome  part 
of  the  question  being  thus  disposed  of,  I  am  much  inclined 
to  think  that  if  their  loan  of  Five  millions  were  taken  in  the 
United  States,  it  would  be  far  better  than  if  they  were 
obliged  to  seek  it  in  England.  I  do  not  however  wish  to  mix 
myself  with  the  political  contests  of  the  day  nor  to  interfere 
in  matters  which  have  been  the  subject  of  party  warfare;  and  V 
I  should  like  to  have  the  benefit  of  the  opinions  of  judicious 
friends  before  doing  something  final  in  respect  to  it.  Will  you 
then  say,  whatever  you  feel  at  liberty  to  say,  in  the  question, 
whether  it  would  not  be  greatly  for  the  interest  of  our  com 
mon  country  that  Texas  should  continue  independent  of  all 
foreign  nations,  —  that  she  should  be  protected  by  this  coun 
try  and  not  permitted,  if  possible,  to  owe  her  prosperity  to 
any  other  aid  than  ours.  Say,  too,  whether  your  opinion  is 

1  Cf.  letter  on  same  topic  reprinted  in  Van  Tyne,  Webster,  p.  213. 


326     Correspondence  of  Nicholas  Bid  die 

that  Texas  can  maintain  its  independence,  or  whether,  in  the 
last  extremity,  this  country  would  permit  her  to  be  con 
quered,  or  reconquered;  and,  being  free,  whether  you  think 
a  loan  to  her  would  be  perfectly  safe.  You  will  readily  under 
stand,  by  the  strain  of  these  remarks,  that  I  am  predisposed 
Go  serve  Texas,  because  I  believe  I  should  benefit  our  coun- 
ry  by  it;  but,  before  taking  any  decisive  step,  I  would  wish 
to  have  your  judgment,  because  I  know  that  your  opinion 
will  be  an  impartial  and  a  patriotic  one.  If  any  circumstance, 
public  or  private,  indisposes  you  to  answer,  I  request  that  you 
will  not  answer.  But  if  you  incline  to  speak,  —  speak  —  for 
I  think  the  occasion  worthy  of  you.  and  so  speak  that  if,  when 
I  have  decided,  I  should  want  the  benefit  of  your  judgment  to 
sanction  my  course,  I  may  have  it  and  use  it  publicly  or  pri 
vately.  I  will  only  add  that  what  you  say  I  wish  you  to  say 
quickly. 

BIDDLE  TO  HENRY  CLAY 

Phila.  Sept  7,  1838 
My  dear  Sir 

Your  introduction  of  Mr  Burnley,  Commissioner  of 
Texas,  makes  it  not  unnatural  to  confer  with  you  on  the  sub 
ject  of  the  loan  which  he  is  endeavoring  to  negotiate. 

The  subject  of  Texas  is  one  familiar  to  me  since  my  connec 
tion  in  Paris,  thirty  three  years  ago,  with  the  treaty  of  Louisi 
ana,1  the  execution  of  a  great  portion  of  which  fell  under  my 
own  personal  inspection.  On  that  subject  I  hold  very  decided 
opinions.  But  the  question  which  now  occupies  my  attention 

1  For  Biddle's  connection  with  the  treaty  of  Louisiana,  cf.  Conrad,  Robert  T., 
Sketch  of  Nicholas  Biddle,  in  National  Portrait  Gallery  of  Distinguished  Americans, 
vol.  in,  pp.  12  et  seq. 


To  Henry  Clay  327 

is  this :  The  Minister  of  Texas,  just  arrived  &  in  this  city, 
means  to  withdraw,  formally,  the  proposal  to  enter  the  Union. 
So  far,  the  embarrassments  and  troubles  which  that  measure 
threatened  are,  for  the  present  at  least,  removed.  The  ques 
tion  then  becomes  an  open  one,  and  it  offers  for  considera 
tion  this  point:  Whether,  if  we  are  to  consider  the  revolution 
there  as  complete,  —  if  this  country  will  not  permit  Texas 
to  be  conquered  by  a  new  master,  or  reconquered  by  its  old 
one,  then  it  is  not  of  great  importance  that  her  prosperity 
should  be  of  our  own  creation,  and  that  she  should  not  be 
obliged  to  incur  obligations  to  any  other  country?  She  now 
wants  money  to  consolidate  her  power  &  fix  her  institutions. 
Is  it  not  better — far  better — that  she  should  obtain  it  from 
us  than  from  any  other  power?  Now  I  am  inclined  to  make 
the  loan.  At  the  same  time  I  mean  to  do  nothing  rashly  — 
nothing  which  shall  not,  in  my  judgment,  be  highly  benefi 
cial  to  our  Country.  But  I  do  not  wish  to  take  any  decided 
step  without  the  opinion  of  some  friends  on  whose  judgment 
I  rely.  Allow  me  then  to  ask  what  you  think  of  the  question  ? 
Do  you  think  that  Texas  will  maintain  its  independence,  or 
that  the  United  States  would  permit  any  power  to  deprive 
her  of  it.  Do  you  think  it  would  be  wise  to  take  the  loan  and 
not  suffer  her  to  owe  her  success  to  England  ? 

If  you  feel  any  the  slightest  reluctance  to  say  anything 
about  the  matter,  you  will  of  course  say  nothing.  But  if  you 
feel  disposed  to  give  any  opinion,  let  it  be  such  as,  hereafter, 
if  I  deem  it  useful  to  use  your  authority  as  confirming  my 
own  views,  I  may  quote,  and  if  necessary,  make  public.  I 
mention  this  that  you  may  limit,  precisely,  the  nature  &  ex 
tent  of  your  communication. 


328     Correspondence  of  Nicholas  Biddle 

DANIEL  WEBSTER  TO  BIDDLE 

Boston  Septr  ioth  1838 
My  Dear  Sir 

I  have  recd.  your  favor  of  the  8th  instant.  The  decision 
of  the  Gov*  of  Texas,  to  withdraw  its  application  for  a  union 
with  the  U.  States,  is,  in  my  judgment,  an  event,  eminently 
favorable,  to  both  countries.  She  now  stands,  as  an  independ- 
ant  state,  looking  to  her  own  power,  &  her  own  resources,  to 
maintain  her  place  among  the  nations  of  the  earth,  an  atti 
tude,  vastly  more  respectable,  than  that  which  she  held,  while 
solicitous  to  her  own  political  character,  &  to  become  part 
of  a  neighbouring  country.  Seeking,  thus,  no  longer  a  union 
with  us,  &  assuming  the  ground  of  entire  independence  — 
I  think  it  highly  important  to  the  interests  of  the  U.  States, 
that  Texas  should  be  found  able  to  maintain  her  position. 
Any  connexion  with  a  European  State,  so  close  as  to  make 
her  dependent  on  that  State,  or  to  identify  her  interests  with 
the  interests  of  such  State,  I  should  regard  as  greatly  unfor 
tunate  for  us.  I  could  not  but  regret,  exceedingly,  to  see  any 
union  between  those  parts  of  our  continent,  which  have 
broken  the  chain  of  European  dependence  &  the  Govern 
ments  of  Europe;  whether  those,  from  which  they  have  been 
disunited,  or  others.  You  Remember  the  strong  opinion,  ex 
pressed  by  Mr.  Monroe  that  the  U.S.  could  not  consent  to 
the  recolonization  of  those  portions  of  this  Continent,  which 
had  severed  the  ties,  binding  them  to  a  European  connexion, 
&  formed  free  &  independent  Governments  for  themselves;  or 
to  the  establishment  of  other  European  Colonies,  in  America 
— The  spirit,  &  reason,  of  these  sentiments,  would  lead  us  to 
regard  with  just  fear,  &  therefore  with  just  jealousy,  any  con- 


From  Daniel  Webster         329 

nexions,  between  our  near  American  neighbours,  &  the  power 
ful  states  of  Europe,  except  those  of  friendly  &  useful  com 
mercial  intercourse.  It  is  easy  to  forsee  the  evils  with  which 
any  other  connexion,  than  that  last  mentioned,  between 
Texas  &  one  of  the  great  sovereignties  of  Europe,  —  might 
threaten  us.  Not  to  avert  to  those  of  a  high  &  political  char 
acter,  one,  likely  to  have  a  direct  bearing  on  our  commerce,  a 
connexion  on  the  great  staple  of  our  southern  production. 
Texas  is  destined,  doubtless,  to  be  a  great  cotton  producing 
country,  &  which  we  should  cheerfully  concede  to  her  all  the 
advantages  which  her  soil  &  climate  afford  to  her,  in  sus 
taining  a  competition  with  ourselves,  we  could  not  behold, 
with  indifference,  a  surrender,  by  her,  of  her  substantial  in 
dependence,  for  the  purchase  of  exclusive  favors  &  privileges, 
from  the  hands  of  a  European  Government. 

The  competency  of  Texas  to  maintain  her  Independence 
depends,  I  think,  altogether  on  the  character  of  her  Gov*.  & 
its  administration.  I  have  no  belief,  at  all,  in  the  power  of 
Mexico  to  re-subjugate  Texas,  if  the  latter  country  shall  be 
well  governed.  The  same  consideration  decides,  also,  the  ques 
tion,  whether  a  loan  to  Texas  would  be  safe.  I  have  supposed, 
that  her  new  formed  Gov1  was  gradually  strengthening,  & 
improving,  in  all  the  qualities  requisite  for  the  respectable 
exercise  of  National  power.  That  in  institutions  so  recent, 
there  should  be,  for  a  time,  some  irregularity  of  action,  is  to 
be  expected.  But  if  those  to  whose  hands  her  destinies  are 
now  committed,  shall  look  steadily  to  two  great  objects,  — 
first,  real  &  absolute,  as  well  as  nominal,  National  Independ 
ence,  &  second,  the  maintenance  of  a  free  &  efficient  Gov*., 
of  which  good  faith  shall,  from  the  beginning,  be  a  marked 
characteristic,  I  see  nothing  to  render  it  less  safe  to  regulate 


330     Correspondence  of  Nicholas  Bid  die 

money  transactions  with  her,  than  with  the  Govts.  of  other 
countries.  On  the  other  hand,  if  a  spirit  of  speculation  & 
project  should  appear  to  actuate  her  councils,  &  if  she  should 
trifle  with  her  public  domain,  involve  herself  in  contradic 
tory  obligations, —  or  seek  to  establish  her  prosperity  on  any 
other  foundations,  than  those  of  justice  &  good  faith,  —  there 
would,  then,  be  little  to  be  hoped,  either  in  regard  to  punctu 
ality  in  pecuniary  engagements  or  to  the  probability  of  her 
maintaining  an  independent  National  character. 

My  opinion,  on  the  whole,  is,  that  the  prospects  of  Texas 
are  now  far  better  &  brighter  than  they  have  ever  been  be 
fore;  that  the  interests  of  our  own  country  require,  that  she 
should  keep  herself  free  from  all  particular  European  con 
nexion;  &  that  whatever  aid  can  be  furnished  to  her,  by  in 
dividuals,  or  corporations,  in  theU.  States,  in  the  present  state 
of  her  affairs,  to  enable  her  to  maintain  a  truly  independent 
&  national  character,  would  tend  to  promote  the  welfare  of 
the  U  States,  as  well  as  of  Texas  herself. 

HENRY  CLAY  TO  BIDDLE 

Ashland  14th  Sept.  1838 
My  Dear  Sir 

I  received  this  morning  your  favor  of  the  7th  instant 
communicating  several  inquiries,  respecting  Texas,  on  which 
you  are  desirous  to  obtain  my  opinion.  This  I  have  not  the 
least  objection  to  express;  but  without  a  strong  necessity  I 
should  not  wish  it  to  be  published.  And  my  aversion  to  its 
publication  arises  solely  out  of  the  consideration  that,  at 
this  time,  I  desire  voluntarily  to  appear  in  the  public  prints 
as  little  as  possible,  lest  I  should  be  thought  to  be  endeavor 
ing  to  conciliate  public  support. 


From  Henry  Clay  331 

I  am  glad  to  learn  from  you  that  the  Minister  from  Texas 
intends  to  withdraw  the  application  from  Texas  to  be  incor 
porated  in  our  Union.  It  is  a  wise  step;  for  it  is  perfectly  mani 
fest  that,  whether  it  is  expedient  or  not  to  annex  it  to  the  U. 
States,  the  public  mind  in  this  Country  is  not  in  a  temper  to 
sanction  such  a  measure,  at  this  period.  The  longer  agitation 
of  the  question  can  do  no  possible  good  to  our  party,  whilst  it 
has  a  positively  injurious  tendency  upon  the  domestic  inter 
ests  and  relations  of  the  other.  If  the  question  were  to  be  pro 
longed,  and  a  foreign  attack,  other  than  from  Mexico,  should 
be  made  on  Texas,  I  think  that  a  majority  of  the  American 
Congress  could  not  be  got  to  succor  Texas  in  warding  off 
such  an  attack.  Whereas,  if  the  project  of  annexation  be 
abandoned,  and  any  European  power  were  to  attack  the 
independence  of  the  new  Republic,  I  think  it  would  be  the 
inclination,  as  I  am  sure  it  would  be  the  interest  and  the  duty 
of  the  U.S.  to  prevent  the  success  of  the  attack. 

Whether  Texas  will  be  able  to  maintain  the  Independence 
which  she  has  declared,  or  not,  I  have  no  means  of  judging 
which  you  do  not  possess,  perhaps  not  so  many.  I  am  inclined 
to  believe  that  she  will,  if  the  Government  is  administered 
with  reasonable  ability.  Time  is  everything  to  Texas,  whilst 
delay  is  ruinous  to  the  Mexican  reconquest.  The  French 
Blocade  1  operates  most  advantageously  to  Texas,  by  ren 
dering  her  secure  against  attacks  from  the  Gulph,  which  I 
have  always  thought  her  most  vulnerable  side.  She  ought  to 
wish  that  this  Blocade  may  be  long  continued.  In  the  mean 
time  emigrants  are  pouring  into  Texas,  and  daily  adding 
strength  to  her.  I  do  not  see  how  Mexico,  torn  as  she  is  by 

1  For  the  French  blockade,  cf.  Yoakum,  H.,  History  of  Texas  (New  York,  1836), 
vol.  n,  pp.  252-257. 


3  3  2     Correspondence  of  Nicholas  Biddle 

factions,  with  her  finances  totally  disordered,  no  efficient  army 
nor  commanders,  and  no  good  materials  for  an  army  to  be 
sent  on  a  distant  conquest,  can  subjugate  the  revolted  prov 
ince.  If  France  were  out  of  the  way,  and  Mexico  had  and  could 
keep  the  preponderance  at  Sea,  Texas  might  be  in  danger. 

If  Texas  is  to  be  an  independent  power,  it  is  the  obvious 
interest  of  the  U.S.  to  cultivate  her  friendship,  as  their  near 
est  neighbour,  in  that  quarter;  and  it  is  consequently  their 
interest  that  Texas  should/^/  that  she  has  been  well  treated 
by  them.  Hitherto  she  has  had  no  just  cause  to  complain  of 
the  U.S.  whatever  they  may  have  given  to  any  other  power. 
This  feeling  of  friendship  towards  the  U.S.  on  the  part  of 
Texas,  for  one,  I  should  be  happy  to  see  strengthened,  by  all 
the  good  offices  that  can  be  rendered,  consistently  with  our 
neutrality.  The  loan,  which  she  wishes  to  negociate,  and 
which  you  are  inclined  to  make,  may  unquestionably  be 
effected,  without  any  violation  of  any  Neutral  duty  by  which 
the  people  of  this  Country  stand  bound.  Of  course,  I  give  no 
opinion  as  to  terms,  or  the  security  which  may  be  offered 
for  its  reimbursement.  Assuming  them  to  be  satisfactory  to 
the  parties,  I  think  it,  in  every  respect,  highly  desirable  that 
Texas  should  contract  an  obligation  for  the  loan  in  this 
Country,  and  not  in  any  European  State. 

I  do  not  believe  that  the  U.S.  will  or  ought  to  interfere,  so 
as  to  become  a  party  to  the  contest,  whilst  it  is  confined  to 
Mexico  and  Texas.  But  if  any  European  power,  and  espe 
cially  if  G.  Britain  or  France,  were  to  attempt  the  conquest 
of  Texas,  or  to  aid  Mexico  in  reconquering  it,  in  my  opinion 
the  U.S.  could  not  regard  any  such  attempt  with  indifference. 

I  have  thus,  my  dear  sir,  frankly  expressed  my  opinions. 
I  shall  be  happy  if  you  should  be  able  to  derive  any  assist- 


From  Thomas  Cooper          333 

ance  from  them;  but  for  the  reason  already  stated,  to  which 
I  should  add  that  I  send  the  first  draft  of  my  reply,  without 
correction,  and  without  retaining  any  copy,  I  do  not  wish 
publicity  given  to  them  without  an  urgent  reason. 

THOMAS  COOPER  TO  BIDDLE 

Columbia  S.  Carolina 

Private  Octr  I.  1838 

Dear  Sir. 

To  the  following  letter  make  no  reply.  If  I  say  any 
thing  that  has  not  occurred  to  you  before,  which  is  very  un 
likely,  use  it  in  your  own  way. 

My  original  proposal  met  with  the  concurrence  of  every 
sensible  man  to  whom  I  stated  it,  as  a  desirable  event  if  it 
could  be  carried.  But  all  doubted  its  present  practicability, 
from  the  prevailing  ignorance  &  prejudice  about  Banks. 
That  prejudice  is  evanescing.   But  I  think,  the  matter  may 
be  managed  some  years  hence,  if  you  take  advantage  of  a 
stepping  stone,  which  I  am  persuaded  is  likely  to  be  placed 
for  your  accomodation.  I  see  clearly  that  H.  Clay  is  likely 
to  be  the  successful  candidate.  Harrison  is  out  of  the  question. 
So  is  that  very  able  man  Webster.  I  think,  Clay  does  not 
mean  to  advocate  your  bank  as  the  national  Bank.  In  fact,  \ 
You  are  that  Bank.  When  you  quit  it,  you  carry  with  you    \ 
its  Character.  All  the  good  it  does,  and  great  good  it  has     \ 
done,  is  not  given  as  credit  to  the  Bank,  but  to  Nicholas      \ 
Biddle.  It  is  all  imputed  righteousness  to  yourself,  and  when 
it  is  managed  by  other  heads,  it  will  be  difficult  to  support    J 
its  present  reputation. 

Why  not  take  Woodbury's  place  under  Clay?  Then  the 
national  bank  will  be  your  Bank  —  an  appropriate  field  of 


334    Correspondence  of  Nicholas  Bid  die 

usefulness  and  reputation  will  be  open  to  you  —  you  will 
have  made  a  great  step  upwards  —  and  it  will  be  your  own 
fault,  if  you  do  not  make  the  next  step  into  the  chair  which 
you  ought  to  occupy. 

Probably  you  and  H.  Clay  may  have  come  to  an  under 
standing  about  this;  for  I  am  not  unaware  that  the  oppor 
tunity  has  occured.  Remember,  I  enter  my  8oth  year  this 
month;  &  I  am  talking  of  probabilities  which  cannot  be 
realized  till  I  am  in  the  grave.  In  meantime,  if  any  prelim 
inary  movements  before  the  public  should  be  needed,  com 
mand  me  if  I  am  living  at  the  time.  But  I  shall  not  last  long. 
I  have  had  my  three  warnings.  Adieu. 

BlDDLE  TO  E.  C.  BlDDLE  1 

Phila.  Octo  31.  1838 
My  dear  Son 

.  .  .  Everything  goes  on  very  comfortably  here.  You 
may  judge  of  the  relation  in  which  the  Gov*.  and  the  Bank 
stand  when  I  tell  you  that  a  few  minutes  ago  a  gentleman 
left  me  having  come  directly  from  Washington  charged  with 
a  communication  from  Mr  Poinsett.  Among  other  things 
he  said  Mr  Poinsett  took  occasion  to  speak  to  Blair  in  the 
presence  of  Mr  Van  Beuren,  about  the  Bank;  and  that  the 
President  desired  Blair  not  to  attack  the  Bank  or  myself 
any  more.  Mr.  Poinsett  himself  moreover  wrote  an  article 
for  the  Globe,  explaining  the  late  Circular  issued  by  the 
Cover1.,  directing  the  Officers  to  disburse  the  notes  of  the 
Bank.  This  article  Blair  was  obliged  to  publish,  adding  some 
remarks  of  his  own,  just  enough  to  save  his  own  consistency. 
I  will  try  to  enclose  the  two  articles.  .  .  . 

1  Eldest  son  of  Nicholas  Biddle  and  at  this  time  at  Liverpool.  Born,  1815. 


To  John  Forsyth  335 


BIDDLE  TO  JOHN  FORSYTH  l 

(Private)  Phil3.  Novem.  27th.  1838 

My  dear  Sir 

J  have  been  wanting  for  some  days  past  to  go  and  talk 
with  you;  but  I  presume  that  I  must  pay  the  penalty  of 
my  notoriety  by  abstaining  from  being  in  Washington  just 
now,  and  accordingly  I  write  what  I  would  much  rather  say. 
What  I  wanted  to  speak  of  was 

1.  Texas. 

I  mentioned  when  you  were  here,  the  intention  of  that 
Gov*.  to  withdraw  its  application  for  admission  into  the 
Union.  That  is  now  done,  and  it  is  very  important  that  the 
President  in  his  message  should  speak  kindly  and  if  possible 
cordially  about  that  country,  —  intimating  that  this  with 
drawal  does  not  abate  any  of  our  good  feelings  towards 
Texas,  and  that  we  wish  her  prosperity.  One  kind  word  might 
do  her  good ;  —  and  that  word  may  now  be  hazzarded  with 
out  much  risk,  for  I  have  reason  to  know  that  it  will  be  re 
peated  and  approved  by  some  of  the  most  prominent  leaders 
of  the  opposition.  I  wish  therefore  you  would  see  that  the 
message  is  kindly  on  that  point. 

The  other  matter  was 

2.  That  part  of  the  message  which  relates  to  money.  I  do 
hope  that  he  will  not  vamp  this  worn  out  foolery  of  Mr  Cal- 
houn,  and  say  any  more  about  the  Sub  Treasury.  The  coun 
try  is  disgusted  with  the  subject,  —  It  cannot  possibly  do 
any  good  to  the  country,  —  it  will  do  great  harm  to  Mr  Van 
Buren ;  —  and  if  he  will  only  say  nothing  about  it  we  may 
get  along  very  well;  but  if  we  are  to  have  any  more  such 

1  Biddle  wrote  to  Poinsett  setting  forth  the  same  ideas  as  stated  in  this  letter. 


3  3  6     Correspondence  of  Nicholas  Biddle 

nauseous  stuff,  men  now  well  disposed  to  the  President  will 
be  alienated,  and  it  will  not  be  easy  to  forsee  all  the  conse 
quences. 

Now  upon  these  two  matters  I  pray  you  to  take  order. 
You  are  politically  responsible  for  the  acts  of  this  adminis 
tration; —  you  may  be  personally  responsible  for  the  next 
administration,  if  you  do  not  permit  these  experiments  to 
be  continued. 

JOHN  FORSYTH  TO  BIDDLE 

private  Washington  Nov  29  1838 

My  dear  Sir 

The  Message *  has  received  its  last  touches  before 
your  letter  of  the  27th  reached  my  hands.  I  cannot  therefore 
avail  myself  of  your  suggestions.  But  I  must  not  suffer  you 
to  suppose  I  would  have  done  so,  had  they  been  received 
in  season.  The  times  do  not  permit  any  specially  favorable 
notice  of  Texas.  You  will  find  however  nothing  of  unkind- 
ness  in  the  simple  statement  of  our  relations  with  the  Repub- 
lick.  Admitting,  what  I  do  not  believe,  that  you  are  entirely 
correct  in  the  other  topick  the  Sub-Treasury,  —  as  I  know 
that  Mr  V.B.'s  opinions  have  undergone  no  change  I  could 
not  advise  him  to  omit  taking  notice  of  the  Subject  in  the 
message.  Under  present  circumstances  such  pressure  would 
betray  a  want  of  firmness  &  consistency  which  no  danger  of 
consequences  politically  or  personal  should  tempt  any  one 
to  betray.  .  .  . 

1  Richardson,  op.  cit.t  vol.  in,  pp.  483-506.  Poinsett  sent  word  to  Biddle  that 
the  President  could  not  take  up  the  Texas  question  in  detail  owing  to  the  difficulties 
with  Canada  at  this  period  arising  from  the  Aroostook  War. 


To  Daniel  Webster  337 


CARD  TO  BIDDLE  1 

The  President 

requests  the  Honor  of  Mr  Biddle's 
Company  at  dinner  Tuesday  the  26th  Feby  at 
6  Oclock 

The  favor  of  an  answer  is  desired 

BIDDLE  TO  DANIEL  WEBSTER 

(confidential)  Phil3.  Deer.  13.  1840 

My  dear  Sir, 

The  impression  which  I  have  that  the  coming  admin 
istration  will  be  in  fact  your  administration :  one  which  I  can 
honorably  support  &  be  connected  with  has  revived  a  project 
in  which  I  have  for  some  time  indulged  —  but  which  I  have 
never  mentioned  to  any  one  even  of  my  own  family.  You  will 
therefore  receive  it  in  the  same  confidence  in  which  it  is  written. 
I  have  retired  as  you  know  from  all  active  affairs : 2  I  do 
not  wish  to  return  to  them.  Whatever  share  I  may  have  had 
in  the  war  now  happily  ended  —  by  the  elevation  of  my 
friends,  I  have  no  pretensions  —  and  shall  stand  in  no  man's 
way.  It  is  a  great  wish  of  my  family  to  travel  in  Europe,  and 
I  should  incline  to  indulge  it.  But  as  you  know  travelling  in 
Europe  to  a  mere  private  gentleman  is  a  dull  business.  If  a 
man  had  a  high  public  station  &  a  higher  public  fame,  as  you 
had,  he  gets  along  well,  but  a  private  gentleman  delivering 
cold  letters  of  introduction  &  making  his  way  into  what  is 

1  This  card  is  interesting  in  that  it  discloses  the  close  relations  existing  at  this 
time  between  the  President  and  Biddle  after  their  long  Bank  war,  for  at  the  top 
of  this  card  is  written  in  ink,"  President  —  1839." 

2  Nicholas  Biddle  had  retired  from  the  Bank  Presidency  in  March,  1839,  at 
the  age  of  fifty-four. 


338    Correspondence  of  Nicholas  Bid  die 

called  society  has  a  task  extremely  repugnant  to  his  pride. 
I  am  too  old  for  that  &  I  am  satisfied  that  the  only  way  of 
being  comfortable  is  to  have  some  public  character  which 
at  once  settles  your  rank  &  places  you  above  the  necessity 
of  groping  your  way.  Of  these  stations  some  are  troublesome 
from  the  business  to  be  done  &  from  the  crowds  of  country 
men  with  whom  one  comes  into  contact :  others  give  less  rank 
but  less  labor.  Now  my  object  being  to  travel  I  would  not  be 
willing  to  remain  in  London  or  Paris  or  Petersburgh  —  but  I 
would  prefer  some  position  within  striking  distance  of  all  the 
places  on  the  continent,  which  would  form  the  circle  of 
travel  and  on  the  whole  the  place  which  seems  best  adapted 
for  that  purpose  is  Vienna.  In  regard  to  fitness,  I  have  noth 
ing  to  say  —  I  began  my  career  as  Secretary  in  Paris  &  after 
wards  in  London.  I  was  to  have  been  sent  by  Mr  Madison  as 
Minister  to  London  at  the  close  of  the  last  war,  &  was  not 
sent  because  I  was  not  a  member  of  Congress  —  the  '  Far  I 
have  never  made  any  suggestion  about  it,  I  did  not  know 
even  of  the  design  till  some  years  afterwards,  &  as  I  should 
be  "able"  &  able  from  my  own  private  means  to  do  all  the 
external  honors  of  a  legation  &  have  already  been  at  Vienna. 
I  think  I  might  be  not  a  very  bad  successor *  to  the  recent 
incumbent.  That  place  too  happens  to  be  vacant  so  that 
no  one  need  be  removed  and  it  is  moreover  ought  of  the 
sphere  of  ordinary  competition  among  political  men.  The 
great  interest  to  be  encouraged  there  is  the  introduction  upon 
better  terms  of  our  own  tobacco  and  this  I  think  I  could  man- 

1  Van  Buren  had  appointed  Henry  Muhlenberg  of  Pennsylvania  Minister  to 
Austria.  In  1841  C.  S.  Todd  was  nominated,  but  was  shortly  afterward  suc 
ceeded  by  Daniel  Jenifer  of  Maryland.  (American  Almanac,  1843,  p.  108.)  Biddle, 
later,  on  several  occasions  wrote  to  Webster  in  regard  to  the  post,  but  the  corre 
spondence  shows  no  reply.  The  possible  reason  for  his  non-appointment  may  be 
found  in  the  letter  of  Webster  to  Biddle,  December  24,  1840. 


Daniel  Webster  339 


age  better,  perhaps  than  any  mere  planter  who  would  carry 
about  him  the  odour  of  his  "business  in  this  state." 

And  now  my  story  is  told.  I  wish  to  travel  &  deeming  some 
public  character  essential  I  have  thought  of  one  which  might 
enable  me  to  do  some  good,  &  to  represent  not  unworthily 
the  new  administration  &  the  new  Secretary  for  foreign  affairs 
both  of  which  I  suspect  have  been  misrepresented  in  more 
sense  than  one  abroad.  To  my  objects  position  not  salary  is 
what  I  desire  not  so  much  a  place  as  a  passport.  Now  tell  me 
what  you  think  of  all  this?  Is  it  a  reasonable  thing?  Is  it 
a  probable  thing? 

DANIEL  WEBSTER  TO  BIDDLE 

Private  Dec.  24.  '40 

My  Dear  Sir 

I  duly  recd  your  letter,  on  a  certain  subject,  &  have 
that  subject  "in  all  my  thoughts."  Nob'y  could  be  better 
for  the  Country  —  &  nothn  would  be  more  agreeable  to  me, 
than  what  you  suggested.  The  difficulty  will  be  with  the 
Tobacco  men.  These  Gentlemen  got  up  the  Austrian  mission, 
some  years  ago,  &  expected  a  Marylander  or  a  Virginian  to 
fill  it.  Mr  V.  Buren  disappointed  that  expectation,  &  appointed 
Mr.  Muhlenberg,  because  he  could  talk  German  so  well.  Mr 
M.  having  returned,  a  new  rally  has  been  making,  &  two  or 
three  Tobacco  raising  candidates  are  in  the  field  already  ____ 

BIDDLE  TO  DANIEL  WEBSTER 

(  private)  Phil8.  Decr.  30.  1840 

My  dear  Sir 

...  2.  I  have  received  a  visit  of  many  hours  from  a 
friend  who  has  just  returned  after  passing  several  weeks  in 


340    Correspondence  of  Nicholas  Riddle 

the  midst  of  the  most  confidential  circle  of  the  President 
Elect  and  his  friends  —  a  disinterested  cool  observer  and  I 
have  no  doubt  of  the  truth  of  his  observations.  He  says  de 
cidedly  that  in  the  opinion  of  all  that  circle  Mr  W.  is  the 
person  who  will  have  much  more  influence  with  the  President 

than  Mr.  C 

4.  My  friend  came  full  of  another  idea.  He  says  that  the 
same  knot  are  of  great  friends  of  mine  —  that  the  President 
himself  when  lately  at  Louisville  made  a  very  strong  &  de 
cided  eulogium  upon  me,  and  that  this  circle  of  friends  be 
lieve  that  he  wishes  me  to  go  into  the  Treasury.  When  I  told 
him  my  determination  on  that  head,  he  concluded  with  this 
declaration  —  Well  I  assure  you,  you  can  make  the  Secretary 
"of  the  Treasury."  Now  I  would  not  go  into  the  Treasury 
for  all  the  money  in  it — but  if  I  could  help  to  put  a  good  man 
there  I  would  do  so.  But  where  is  the  man  ?  If  in  this  turmoil 
of  Pennsylvania  candidates,  the  President  wants  to  get  over 
a  difficulty  by  naming  a  Penna  man  &  wishes  to  name  me  I 
will  refuse  by  return  mail,  and  then  we  can  find  some  compe 
tent  person.  I  mention  this,  that  you  may  understand  ex 
actly  the  footing  on  which  Mr.  H  and  I  are  .  .  . 

R.  M.  BLATCHFORD  TO  BIDDLE 

New  York  Jan:  21.  1841 
My  dear  Sir 

.  .  .  The  Sub  Treasury  bill  cannot  now  be  repealed 
too  soon  —  it  is  believed  at  Washington  that  the  House  will 
repeal  it  if  the  Senate  will,  and  it  is  thought  there  that  with 
the  Penn:  Senators  a  majority  of  the  Senate  will  vote  its 
repeal.  Buchanan  I  understand  has  said  that  if  he  is  in 
structed  to  repeal  it  he  will  resign.  Your  Legislature  is  Whig 


From  Daniel  Webster          341 

—  is  it  not  practicable  to  get  them  instructing  your  Senators. 
Such  a  movement  would  Come  well  &  with  great  power  from 
your  State.  We  could  instruct  Mr  Wright  in  our  State  but  he 
does  not  give  faith  to  the  doctrine.  It  might  not  be  amiss  to 
get  Mr  Webster's  views  on  the  Subject.  The  Sub  Treasury 
being  out  of  the  way  The  Bank  must  step  in. 

BIDDLE  TO  DANIEL  WEBSTER 

(confidential)  Feby  2.  1841 

My  dear  Sir, 

I  understand,  tho'  at  second  hand,  that  a  gentleman 
has  arrived  from  Cin1  who  states  that  he  heard  the  inaugural 
read  —  and  that  it  speaks  of  the  necessity  of  a  national 
Bank,  &  almost  recommends  it.  You  may  have  heard  this 
elsewhere  but  I  mention  it  that  you  might  be  prepared  to 
modify  it  if  you  think  it  should  be  modified.  On  the  whole  I 
should  think  the  expediency  of  announcing  that  purpose  so 
early  was  questionable.  It  does  not  seem  to  me  necessary  in 
the  inaugural  —  however  it  may  do  in  the  message  to  the 
new  Congress  —  and  I  should  think  it  might  rally  at  once  the 
opposition  on  topics  that  might  be  turned  to  mischief  against 
the  new  administration  before  it  had  time  to  strengthen  itself. 

DANIEL  WEBSTER  TO  BIDDLE 

Confidential  Feb.  4.  '41 

Dear  Sir, 

Those  of  us  who  are  here  are  quite  united  in  opinion, 
that  the  Inaugural  should  be  confined  to  principles,  &  not 
go  into  measures;  or  [at]  least,  with  one  exception,  &  that 
would  be  to  suggest  the  necessity  of  early  augmentation  of 
naval  means. 


342     Correspondence  of  Nicholas  Biddle 


CHARLES  AUGUST  DAVIS  TO  BIDDLE 

New  York  10  April  1841 

This  steamer  will  take  to  you  advices  of  an  interest 
ing  nature.  The  death *  of  our  Venerable  President  though 
sincerely  lamented  will  produce  no  material  change  in  the 
policy  of  our  new  Administration.  The  Vice  President  his  suc 
cessor  is  a  Gentleman  of  great  purity  of  mind  and  well  calcu 
lated  to  assume  the  office  and  we  shall  probably  see  the  meas 
ures  originally  proposed  carried  out  with  signal  unanimity. 

BIDDLE  TO  JOHN  TYLER 

(private  &  confidential)  Andalusia  Aug*  19.  1842 

My  dear  sir, 

In  my  quiet  seclusion  I  watch  with  great  anxiety  the 
progress  of  things  at  Washington  —  and  as  lookers  on  at  the 
game  sometimes  see  a  move  which  may  escape  the  busy 
players,  I  venture  to  make  a  suggestion.  It  is  prompted  by 
an  intense  sensitiveness  to  the  present  state  of  the  country  — 
by  my  desire  to  see  your  administration  prosper  —  and  more 
especially  by  the  instinctive  wish  to  come  to  the  aid  of  one 
[for]  whom  I  have  long  entertained  a  sincere  personal z  regard 
at  the  moment  when  he  is  overcome  by  numbers. 

It  is  manifest  that  your  opponents  are  striving  to  make 
you  odious  as  an  enemy  to  the  interests  protected  by  the 
Tariff 3  which  you  are  ready  to  sacrifice  in  order  to  gratify 

1  Harrison  died  April  4,  1841. 

2  Tyler  had  rendered  good  services  to  the  Bank  in  the  old  war.  Cf.  Catterall, 
op.  cit.,  pp.  255,  267,  356. 

3  A  full  account  of  the  struggle  between  President  Tyler  and  the  Whigs  on 
the  Tariff  can  be  found  in  Von  Hoist,  H.,  The  Constitutional  History  of  the  United 
States  (Chicago,  1888),  vol.  n,  pp.  451-463;  also  brief  accounts  in  Taussig,  F.  W.f 
The  Tariff  History  of  the  United  States  (New  York,  1894),  vol.  n,  pp.  434-439. 


Riddle's  Home  at  Andalusia 


From  John  Tyler  343 

your  personal  dislike  to  Mr  Clay  and  Mr  Clay's  favorite 
measure. 

Now  if  I  understand  your  last  veto  —  You  do  not  dislike 
the  Tariff  bill  itself  —  &  you  would  have  signed  it  but  for  its 
connection  with  the  Distribution  clause.  If  this  be  so,  you 
have  a  chance  of  striking  one  of  those  master  strokes  which 
decide  instantly  the  fate  of  the  campaigns.  It  is  this : 

To  send  immediately  a  message  to  Congress,  urging,  in  con 
sideration  of  the  exhausted  State  of  the  Treasury  a  revenue  bill 
exactly  like  that  vetoed  bill — word  for  word,  or  as  near  as  you 
can  to  it  —  without  saying  anything  about  the  Distribution 
clause.  Look  at  the  effect  of  it.  If  it  succeeds,  if  your  adver 
saries  dare  not  vote  against  it  —  it  is  your  triumph  —  your 
measure  —  a  popular  measure  —  for  the  country  cares  only 
for  the  Tariff  &  comparatively  little  for  the  Distribution. 
But  if  it  fails  —  if  your  opponents  vote  against  it,  you  will 
have  done  your  duty.  .  .  . 

JOHN  TYLER  TO  BIDDLE 

Washington  Aug  25th  1842. 
Dear  Sir, 

I  thank  you  most  sincerely  for  your  letter  of  the  19th. 
Before  it  reached  me  the  House  of  Representatives  as  you 
have  seen  by  the  papers,  had  passed  the  Tariff  Bill,  which  I 
had  vetoed  without  the  distribution  clause.  The  Bill  is  now 
before  the  Senate,  where  it  may  undergo  some  amendments, 
in  which  event  the  probability  is  in  favour  of  its  passage. 
The  suggestion  you  make  had  occurred  to  me,  and  I  was 
strongly  impelled  to  take  the  step,  but  upon  informing  myself 
with  some  degree  of  accuracy  of  the  state  of  opinion  which 
prevailed  here,  I  abandoned  it.  A  violent  contest  as  I  learned 


344    Correspondence  of  Nicholas  Biddle 

had  arisen  between  the  tariffites  and  the  distributionists, 
which  fully  manifested  itself  in  the  final  voting  in  the  House, 
so  that  the  tariffites  were  driven  to  look  to  the  democrats  for 
aid,  in  order  to  enable  them  to  carry  through  any  measure. 
The  democrats  looked  to  some  measure  more  moderate  in 
its  provisions  than  those  of  the  bill,  which  I  had  returned  to 
the  House,  and  being  really  anxious  to  have  a  good,  sound 
and  permanent  measure  passed,  I  feared  evil  rather  than 
good.  ...  I  have  therefore  resolved  to  rest  on  my  oft  re 
peated  recommendations  to  Congress,  and  leave  it  to  assume 
all  the  responsibilities,  growing  out  of  and  connected  with 
that  delicate  but  important  question.  .  .  . 

BIDDLE  TO  DANIEL  WEBSTER 

And3  Feby  27.  1843 
My  dear  Sir, 

I  beg  you  to  listen  to  the  following  oracular  sentences 
which  if  they  have  no  other  inspiration  are  dictated  by  a 
public  regard  for  you  &  for  the  Country. 

Do  not  leave  your  present  position! 

If  you  do,  you  descend  — 

You  must  hereafter  be  only  a  king  or  a  king  maker. 

You  can  do  nothing  abroad  which  you  cannot  do  better 
while  you  remain  here  &  speak  thro  your  agents  —  as  Secre 
tary  you  are  the  Gov*  —  as  a  Minister  you  are  the  Govern 
ment's  agent. 

Then  if  you  go  who  is  to  take  your  place? 

Some  transcendentalist  —  some  cobweb  spinner. 

—  So  stay  —  stay  — 

Having  delivered  myself  of  these  profundities  I  descend 
from  my  tripod  &  am 


From  D.(aniel)  W.(ebster)      345 


D.(ANIEL)  W.(EBSTER)  TO  BIDDLE 

Mar :  2.  1843 
My  Dear  Sir; 

I  have  not  the  least  idea  of  going  abroad,  or  of  tak 
ing  any  appointment,  whatever  —  But  I  do  not  expect  to 
remain  where  I  am,  more  than  a  month  —  This,  inter  nos. 

D.(ANIEL)  W.(EBSTER)  TO  BIDDLE 

Strictly  private  &f  confidential  Mar:  1 1.  43 

Dear  Sir 

I  may  as  well  tell  you,  in  the  strictest  confidence,  the 
whole  truth,  respecting  the  state  of  things  here.  The  Presi 
dent  is  still  resolved  to  try  the  chances  of  an  Election.  This 
object  enters  into  every  thing,  &  leads,  &  will  lead,  to  move 
ments  in  which  I  cannot  concur.  He  is  quite  disposed  to 
throw  himself  altogether  into  the  arms  of  the  loco  foco  party. 
This  is  just  enough  towards  the  Whigs  —  but  it  is  not  just 
to  himself,  or  his  own  fame  &  character.  He  has  altogether 
too  high  an  opinion  of  the  work  which  can  be  wrought  by 
giving  offices  to  hungry  applicants.  And  he  is  surrounded  by 
these,  from  morning  to  night.  Every  appointment,  therefore, 
from  the  highest  to  the  lowest,  raises  a  question  of  political 
affects.  This  is  terrible;  especially  in  the  Department  where 
I  am;  &  I  fear  the  interest  of  the  Country,  &  the  dignity  of 
the  Gov*.  may  both  suffer  from  it.  Before  the  Whigs  quar 
reled  with  the  President,  I  had  no  reason  to  complain  of  any 
want  of  proper  influence,  in  regard  to  appointments  con 
nected  with  foreign  affairs;  altho  the  President  had  quite  too 
many  persons  on  hand  to  be  provided  for  as  charges  .  .  . 
Since  the  formal  abandonment  of  the  President  by  the 


346    Correspondence  of  Nicholas  Bid  die 

Whigs,  my  position  is  entirely  changed,  as  I  can  ask  him  for 
nothing.  Between  us,  personally,  there  is  entire  good  will; 
&  if  his  object  now  was  only  to  get  thro  his  present  term  with 
credits,  we  should  agree,  in  every  thing.  But  I  am  expecting, 
every  day,  measures,  which  I  cannot  stand  by,  &  face  the 
Country.  I  must,  therefore,  leave  my  place.  It  seems  inevi 
table.  Who  will  take  it;  I  know  not;  or  what  is  to  become  of 
us  all,  I  know  not.  I  fear,  a  confused  &  unsatisfactory  scene 
is  before  us.  —  When  you  have  read  this,  burn  it. 

BIDDLE  TO  JOHN  TYLER 

Anda  March  4,  1843 
My  dear  Sir, 

I  wish  to  make  a  suggestion  to  you  &  as  in  all  cases 
the  plainest  course  is  the  best,  I  proceed  at  once  to  my  pur 
pose.  How  it  may  accord  with  your  own  views  I  do  not  know 
—  but  your  conduct  in  1834  has  given  me  a  very  strong  feel 
ing  towards  yourself  &  your  administration,  and  it  is  as  the 
friend  of  both  that  I  speak. 

The  subject  most  canvassed  at  present  is  the  retirement 
of  Mr  Webster  —  a  question  of  much  importance  to  the 
country  —  &  of  great  interest  to  yourself.  Looking  at  it  in 
both  aspects,  I  have  reached  these  conclusions 

Ist  as  regard's  the  country 

I  take  it  for  granted  that  there  is  no  fitter  man  for  the 
place. 

This  is  settled  by  acclamation 

His  successor  must  be  his  inferior 

Now  his  value  lies  in  being  precisely  where  he  is.  If  he 
went  to  England  he  would  be  only  a  single  minister  —  now 
he  is  the  instructor  of  all  your  ministers.  Even  in  England 


70  John  Tyler  347 

the  strength  of  his  name  would  be  greater  as  Secretary  of 
State  giving  your  instructions  to  the  resident  minister  in 
England,  than  if  he  were  there  in  person  —  while  to  all  other 
foreign  governments  that  strength  would  be  lost. 

Then 

2.  as  regards  himself, 

You  could  not  find  a  successor  who  would  be  so  valuable 
&  faithful  an  assistant  to  you. 

There  is  no  man  sufficiently]  prominent  to  justify  his  selec 
tion  who  would  not  be  liable  to  more  personal  and  political 
objections,  than  he  has.  Yet  he  has  now  but  shown  them.  He 
has  run  that  gauntlet  —  He  is  seasoned  —  and  is  acknowl 
edged  on  all  hands  to  do  honor  to  your  choice.  Besides  — 
and  this  is  the  great  matter  for  you  personally  —  he  is  the 
Secretary  of  State  —  and  nothing  more.  He  has  no  political 
party,  no  body  of  political  adherents.  All  these  he  has  left  for 
you.  He  has  therefore  no  political  aspirations.  His  strong 
hold  on  the  country  is  that  he  can  do  the  duties  of  the 
Department  better  than  any  one  else  —  and  he  will  do  it. 
He  must  work  cordially  with  you  —  without  any  cross  pur 
poses  or  intrigues  having  no  political  objects  of  his  own.  I 
remember  well  how  my  old  friend  Mr.  Monroe  was  annoyed 
by  having  in  his  Cabinet  three  aspirants *  for  the  Presi 
dency. 

I  would  therefore  not  let  him  go  from  the  Department  of 
State  whether  he  wishes  it  or  not. 

Yet  after  all,  these  may  be  the  thoughts  of  a  retired  per 
son  who  is  entirely  wrong:  for  I  do  not  sufficiently  under 
stand  the  personal  footing  upon  which  you  are  &  which  in 

1  J.  Q.  Adams,  Secretary  of  State;  William  H.  Crawford,  Secretary  of  the  Treas 
ury;  and  John  C.  Calhoun,  Secretary  of  War. 


348     Correspondence  of  Nicholas  Biddle 

truth,  must  decide  the  question.  But  if  there  be  no  private 
reasons  for  your  separation,  all  the  public  considerations  are 
against  it. 

Allow  me  to  request  that  you  will  not  answer  this  note. 
It  is  a  subject  easy  for  one  to  write  about  —  not  easy  for  you 

—  and  my  purpose  is  merely  to  convey  the  very  sincere  senti 
ment  of  a  friend  without  troubling  you  with  an  increase  of 
correspondence. 1 

MEMORANDUM  2  OF  BIDDLE  TO  DANIEL  WEBSTER 

April  5,  1843 
You  are  going  to  resign  —  that  you  think  inevitable 

—  well  — 

But  the  matter  of  resignation  is  less  important  than  the 
manner. 

In  parting  with  the  President  the  programme  will  of  course 
be  perfectly  amiable.  Nothing  will  be  visible  on  either  side 
but  reciprocal  good  will  and  you  are  hereafter  to  be  the 
object  of  a  friendship  much  cemented  by  —  separation.  That 
settled,  the  next  question  is  what  do  you  retire  to?  and  by 
what  route? 

You  retire  of  course  to  absolute  private  life.  Any  thing 
else  will  be  a  fall  obvious  and  incurable. 

Then  by  what  route  do  you  retire  ? 

If  you  have  any  political  engagement  with  any  one  of  the 
candidates,  I  have  no  more  to  say  —  you  must  of  course 
abide  his  fortunes. 

But  if  you  are  entirely  uncommitted  the  three  roads  of 

1  On  March  7,  Biddle  sent  Webster  a  copy  of  this  letter  with  the  admonition 
to  show  it  to  no  one;  and  asked  Webster  "whether  You  think  it  will  do  good." 

2  Memorandum  sent  by  Biddle  to  Webster. 


70  Daniel  Webster  349 

retreat  are  open  —  the  route  of  Mr  Tyler  —  the  route  of  the 
Loco  Focos,  the  route  of  the  Whigs. 

Now  I  take  the  route  of  Mr  Tyler  to  be  entirely  impossible. 
The  moment  you  leave  him,  you  cease  all  political  sympathy 
with  his  administration. 

The  route  of  the  Locofocos  is  equally  impracticable.  They 
will  never  leave  their  own  leaders  —  they  will  never  move 
cordially  under  the  banner  of  him  against  whom  they  have 
all  their  lives  been  fighting. 

There  remains  only  the  route  of  the  Whigs. 

Now  I  have  studied  that  part  of  the  map  —  with  less  judg 
ment  of  course  but  with  more  impartiality  perhaps  than  you 
have  done  —  because  your  own  sensitiveness  has  made  you 
more  alive  to  the  conduct  of  that  party. 

They  have  had  jealousies  and  heart  burnings  with  regard 
to  you  —  they  have  treated  you  unkindly  &  unjustly.  Cold 
ness  there  has  been  —  shyness,  alienation,  soreness  at  the 
injury  done  to  them  by  your  ceasing  to  act  with  them.  But 
in  my  judgment  there  is  no  bitterness  —  no  wound  not  easily 
healed  and  the  prevailing  sentiment  is  rather  regret  &  sorrow 
than  hostility. 

Believing  therefore  that  you  must  fix  yourself  somewhere, 
that  seems  to  be  the  best  place. 

And  I  have  imagined  this  course  — 

One  of  these  days  —  and  soon  —  before  your  motives  are 
misinterpreted  —  go  to  some  public  meeting  —  not  appar 
ently  made  for  the  purpose,  and  say 

Six  months  ago  I  told  you  in  Fanueil  Hall  that  I  was  a 
Whig  unchangeably.  I  repeat  it  now  —  you  separated  from 
me,  not  I  from  you  —  because  I  staid  in  power.  But  I  did  not 
so,  because  I  thought  I  could  do  good.  I  think  I  did  do  good 


350    Correspondence  of  Nicholas  Bid  die 

in  making  the  English  Treaty  *  and  you  agreed  that  I  was 
right. 

Well,  I  thought  by  staying  a  little  longer  I  could  do  more 
good. 

I  told  you  so,  and  tried. 

But  I  find  that  I  cannot  do  the  good  I  proposed  —  and 
therefore  I  would  not  remain  in  place  a  moment  longer  than 
I  could  serve  the  country. 

And  so  I  have  come  back  to  you. 

I  ask  nothing  —  I  want  nothing  —  I  take  my  stand  in 
the  ranks  of  the  party  willing  to  work  with  you,  to  support 
our  measures,  and  our  men. 

Such  a  step  will  be  decisive  —  it  would  be  hailed  with  a 
shout  throughout  the  country. 

It  would  make  a  brilliant  retreat  —  it  would  extricate  you 
from  your  present  awkward  position  and  make  your  future 
path  public  &  private  as  smooth  as  you  could  desire. 

Think  of  this  — 

I  offer  it  because  I  wish  you  to  know  my  views  before  I 
know  yours. 

If  you  have  decided  or  shall  decide  otherwise  I  will  bring 
myself  to  think  it  best,  but  now : 

this  line  of  retreat  both  in  a  military  &  civil  aspect  is  the 
best  in  my  judgment. 

You  would  think  so  too,  if  you  studied  the  retreats  of  Lord 
Wellington  in  Spain. 

If  possible,  I  would  say  nothing  or  what  is  equivalent  to 
nothing  at  parting. 

The  fear  is  that  you  may  seem  to  approve  too  much  of  the 
past  —  which  is  much  to  be  avoided. 

1  Webster  —  Ashburton  Treaty. 


To  C.  B.  Penrose  351 


TO  C.  B.  PENROSE  l 

And3  Apr.  24.  1843 
My  dear  Sir, 

Knowing  how  anxious  you  are  [to]  serve  the  country 
it  strikes  me  that  you  might  be  useful  now. 

I  look  with  infinite  regret  at  the  prospect  of  a  separation 
between  Mr  Tyler  &  Mr  Webster.  I  think  Mr  Webster  is  not 
disinclined  to  stay  if  he  were  made  to  stay,  &  he  ought  to  be 
made  to  stay.  I  believe  moreover  that  all  the  expectations 
ascribed  I  trust  unjustly  to  Mr  Tyler  of  making  the  demo 
cratic  party  his  party  are  wholly  fallacious.  No  matter  who 
thinks  so  such  a  belief  will  only  mislead  him.  His  patronage 
has  not  yet  made  him  a  single  friend.  No.  He  must  take  his 
own  course  —  make  his  own  party  of  the  best  men  of  the 
country  —  but  not  seek  to  win  over  any  existing  class  of 
politicians.  He  has  before  him  a  noble  career  if  he  will  make 
an  administration  of  his  own  exclusively.  But  if  Mr  W.  goes 
away  I  think  he  will  lose  the  chief  strength  &  the  great  orna 
ment  of  his  administration. 

He  spent  24  hours  here  last  week  —  &r  seeing  unbroken 
vigor  of  his  understanding  I  could  not  avoid  feeling  it  a 
public  misfortune  that  he  should  be  withdrawn  from  the 
public  counsels. 

Help  to  prevent  it  if  you  can.2 

1  C.  B.  Penrose  was  appointed  by  President  Harrison  as  Solicitor  of  the  Treas 
ury,  which  office  he  held  until  the  close  of  the  Tyler  Administration.  He  was 
also  one  of  the  editors  of  Penrose  and  Watts's  Reports  of  Cases  in  the  Supreme 
Court  of  Pennsylvania  (1832-1833). 

2  In  Biddle's  handwriting. 


352     Correspondence  of  Nicholas  Biddle 

BIDDLE  TO  JOSEPH  GALES 

Andalusia  Jany  9  1844 
My  dear  Sir 

When  I  had  the  pleasure  of  seeing  you  here  we  con 
versed  about  the  benefit  which  might  accrue  to  the  Country 
from  the  union  of  Mr  Clay  &  Mr  Webster  &  their  respective 
friends  so  as  to  ensure  their  triumphant  election  &  a  strong 
&  cordial  administration  of  public  affairs  —  I  continue  of 
the  same  mind  —  I  believe  that  the  thing  most  desirable  now 
would  be  the  nomination  of  Mr  Clay  for  Prest  &  Mr  Webster 
for  Vice  Pres*  &  this  rather  because  it  would  shew  both  in 
this  country  &  in  Europe  the  cordial  union  of  these  two 
American  statesmen  in  whom  the  most  confidence  is  placed 
in  Europe  than  because  of  any  adaptation  of  Mr  Webster 
for  that  Station  which  is  one  of  mere  pagent. 

Should  however  this  union  be  impracticable,  the  next  best 
thing  in  my  judgment  would  be  that  Mr  Webster  should  be 
wholly  unconnected  with  Mr  Clays  administration,  should 
not  I  mean  be  a  member  of  his  Cabinet  —  there  is  not  room 
enough  for  two  such  men  in  so  small  place.  In  that  event  his 
proper  place  is  the  Senate  where  he  would  I  have  no  doubt 
go  &  where  he  might  occupy  Mr  Choats  place.1  .  .  . 

BIDDLE  TO  DANIEL  WEBSTER 

Andalusia  9  Jany  44  2 
My  dear  Sir 

I  have  written  to  day  as  I  said  I  would  to  Mr  Gales 

1  When  Webster  was  appointed  Secretary  of  State  under  Harrison,  Ruf  us  Choate 
was  elected  to  his  place  in  the  United  States  Senate.  He  was  opposed  to  the  annexa 
tion  of  Texas.  Cf.  Appleton,  Cyclopaedia. 

z  Seven  weeks  before  death.  Nicholas  Biddle  died  at  Andalusia,  February  27, 
1844. 


To  Daniel  Webster  353 

my  present  purpose  as  far  as  You  are  concerned  is  to  avoid 
all  seism  between  You  &  Mr  Clay.  I  should  for  many  reasons 
prefer  in  the  first  instance  the  union  of  the  two  names  on  the 
same  ticket  as  an  assurance  both  here  &  in  Europe  of  your 
cordiality.  If  any  reason  should  dissuade  from  that,  the  next 
thing  is  for  You  to  be  unconnected  with  Mr  Clays  adminis 
tration  &  "bide  your  time"  .  .  . 


APPENDIX 


Appendix  I 


AN  incomplete  "statement  of  the  loans  made  by  the  Bank  & 
its  Branches  to  members  of  Congress  (as  far  as  is  known), 
Editors  of  Newspapers  &  officers  of  the  Gen1  Gov4.  &  the  terms 
of  such  loans. 

"  There  are  no  means  in  possession  of  the  Bank  of  ascertaining 
all  the  loans  made  to  these  several  classes  of  persons  during  the 
period  of  the  charter,  but  as  far  as  is  known,  the  following  list 
comprises  the  names  of  such  persons  who  have  been  or  are 
responsible  to  the  Bank  as  drawers  or  endorsers  of  notes  during 

few 

the  last  five  or  oix °  years."* 

New  Hampshire 

Isaac  Hill  3.800 

Massachusetts 

W  Appleton  10,000 

Dan1.  Webster  17,782.86 

N  Silsbee  8,000 

James  Lloyd  8,000 

New  York 

D.  D.  Tompkins  40,000 

Jas.  W  Webb  18,000 

Sam1.  Beardsley  4?9OO 

Pennsylvania 

Joseph  Hemphill  10,500 

Wm.  Ramsay  8,000 

Philander  Stevens  3>5OO 

Jno  G.  Watmough  i>7oo 

0  Change  made  in  manuscript.          *  Manuscript  in  Biddle's  own  handwriting. 


358  Appendix 


Wm.  Wilkins 

6,460 

Henry  Baldwin 

35^19 

Louis  McLane 

5,150 

R  Walsh 

6,541.72 

Edwd  Livingston 

1,000 

George  A  Waggaman 

4,800 

H.  A  Bullard 

9,050 

Joseph  R  Chandler 

2,000 

Jasper  Harding 

37,434-81 

Maryland 

S  Smith  &  Buchanan 

1,540,000 

Wm  Graydon  (?) 

9,800 

Washington 

James  Monroe 

10,596 

John  C  Calhoun 

4,400 

James  Barbour 

16,000 

Tho3.  Hinds 

6,000 

W  H  Overton 

6,000 

Jno  H  Eaton 

9,000 

Jno  Branch 

5,100 

J  L  Southard 

1,000 

W  H  Crawford 

1,500 

W.  B  Lewis 

10,765 

Henry  Clay 

7,500 

Gales  &  Seaton 

32,360 

Duff  Green 

15,600 

Josiah  R  Johnston 

28,405 

Jno  McLean 

6,733.30 

Amos  Kendall 

5,375 

Virginia 

Andrew  Stevenson 

2,000 

Wm.  C  Rives 

5,500 

Appendix 


359 


Wm.  L  Archer 
Hugh  Nelson 
Rob'.  S  Garnett 
Dan1.  Sheffey 
Thomas  Ritchie 

North  Carolina 
Wm  B  Sheppard 

South  Carolina 
Jas.  Hamilton  Jr 
Joel  R  Poinsett 
H  Middleton 

Georgia 
R  H  Wilde 
Jno  Forsyth 


Kentucky 
R  M  Johnson 
Wm  J  Barry 
George  M  Bibb 


2,500 
1,000 
1,500 
5,000 
10,900 


5,000 


15,400 

13,100 

6,000 


6,000 
20,000 


10,820 

5,503 
7,500  § 

§   In  Biddle  Papers;  Vol.  73;  1837,  in  Library  of  Congress. 


INDEX 


Index  of  Proper  Names 


ABERDEEN,  Lord,  60,  60  n. 

Adams,  J.,  208  n. 

Adams,  J.  Q.,  48  n,  56  n,  63,  63  n,  64, 67, 70, 

156,  169,  188  n,  190,  197,  311,  311  n, 

312,  347  n. 

Allen,  W.,  298,  298  n. 
Angel,  W.  G.,  161. 
Appleton,  W.,  219,  219  n,  237. 
Archer,  W.  S.,  156. 
Arnold,  T.  D.,  150. 
Austin,  S.  F.,  269,  269  n. 

BABCOCK,  W.,  161. 

Baker,  C.  S.,  264,  264  n,  267,  301,  302,  303, 

304,  321  n. 

Barbour,  J.  S.,  207,  210,  210  n. 
Barbour,  P.  P.,  43,  43  n,  44,  45,  46,  47,  48, 

90,  149. 

Barnard,  F.,  147  n. 
Barnard,  Gen'l,  121,  121  n. 
Barney,  J.  W.,  45,  45  n,  46. 
Barry,  W.  T.,  87,  87  n,  139,  139  n,  140, 

150. 

Bell,  J.,  150,  156. 

Benton,  T.  H.,  105  n,  131,  272,  298  n. 
Bevan,  M.  L.,  81,  81  n. 
Biddle,  C.  C.,  9,  9  n. 
Biddle,  E,  C.,  334,  334  n. 
Biddle,  E.  R.,  267,  267  n,  292,  294,  295, 

296. 

Biddle,  J.  S.,  197. 

Binney,  H.,  170,  170  n,  172,  220,  220  n. 
Blair,  F.  P.,  127,  322,  334. 
Blatchford,  R.  M.,  233,  233  n,  317,  340. 
Blatchford,  S.,  233  n. 
Bonaparte,  N.,  7  n,  8,  9,  303. 
Bowne,  W.,  37,  37  n. 
Boyd,  J.  P.,  40,  40  n. 
Breck,  S.,  224,  224  n. 
Brooke,  F.,  142  n. 
Brown,  B.,  149,  157. 
Buchanan,  J.,  304,  315,  340. 
Buckner,  A.,  143,  149. 
Bucknor,  W.  G.,  194,  194  n. 
Buel,  J.,  243. 


Burden,  Dr.,  264,  304. 
Burke,  E.,  60. 
Burr,  A.,  5. 

CADWALADER,  G.,  33,  33  n,  75,  146,  147, 
147  n,  151,  152,  154,  155,  158,  160,  165, 
191,  192,  193. 

Calhoun,  J.  C.,  28,  29, 105  n,  114, 122, 141, 

141  n,  179,  203,  222,  223,  231,  231  n, 
268  n,  279,  280,  281,  293,  301,  306,  306  n, 

314,  335,  347  n. 
Cambreleng,  C.  C.,  44,  44  n,  46,  66,  298, 

299,313. 

Cass,  L.,  150,  1 60,  1 60  n,  183  n. 
Cheves,  L.,  27  n. 
Choate,  R.,  352,  352  n. 
Clarke,  M.  St.  Clair,  85,  85  n,  86,  87  n, 

246  n. 
Clay,  H.,  48,  48  n,  50,  51  n,  61,  105,  105  n, 

no,  114,  115,  122,  123,  135,  135  n,  142, 

142  n,  143, 145, 149, 153,  154,  154  n,  156, 
171,  179,  196,  197,  202,  202  n,  218,  220, 
235,  281,  297,  299,  300,  300  n,  304,  309, 
322,  323,  324,  326,  330,  333,  334,  342, 

352,  353- 

Clayton,  J.  M.,  148,  187  n,  188  n,  189. 
Clinton,  DeW.,  102,  160  n. 
Colt,  R.  L.,  13  n,  30,  30  n,  45,  46,  66,  87, 

104,  122,  199,  245,  310,  310  n. 
Connell,  J.,  169,  169  n. 
Conrad,  H.  W.,  267. 
Cooke,  B.,  161. 
Cooper,  T.,  208,  208  n,  209,  an,  ai3,  215, 

230,  272,  277,  278,  280,  281,  293,  296, 

316,  323, 333. 
Cope,  C.,  287. 
Cope,  H.,  255. 

Cope,  T.  P.,  285,  286,  287,  288. 
Crawford,  W.  H.,  347  n. 
Creighton,  W.,  193. 
Crommelieu,  J.,  41,  41  n. 
Crowninshield,  A.,  33,  33  n. 

DALLAS,  G.M.,  148, 152, 156, 159, 172, 173, 
174,  176,  177,  190. 


364        Index  of  Proper  Names 


Davis,  C.  A.,  101,  101  n,  257,  290,  292, 

342. 

Dewart,  L.,  151. 

Dickerson,  M.,  148,  152,  157,  276. 
Dickins,  A.,  53,  53  n,  54,  59,  75,  76  n,  77, 

128,  131,  146,  172. 
Doddridge,  P.,  149. 
Drayton,  C.,  46,  150,  156. 
Duane,  W.  J.,  15,  211,  213,  214,  215. 
Dun,  W.,  73,  79- 
Dunn,  J.  L.,  266,  267. 

EATON,  J.  H.,  75  n,  87. 
Eaton,  Mrs.  J.  H.,  77  n. 
Ellis,  P.,  149. 
Ellmaker,  A.,  179,  179  n. 
Erskine,  D.  M.,  5,  5  n,  6. 
Etting,  S.,  234,  234  n. 
Evans,  G.,  156,  268. 
Everett,  E.,  44,  44  n,  253. 
Ewing,  T.,  197,  268  n. 

FERDINAND  VII,  8  n. 

Fisher,  M.,  241  n. 

Fisher,  R.,  241,  241  n. 

Fogg,  F.  B.,  97,  98. 

Ford,  J.,  151. 

Forman,  J.,  101  n. 

Forsyth,  J.,  149,  152,  157,  223,  276,  307, 

307  n.,  335,  335  n,  336. 
Foster,  E.  H.,  97,  98,  298  n. 
Fry,  W.,  4  n. 

GALES,  J.,  46,  46  n,  55,  56  n,  58,  125,  190, 

352. 

Gallatin,  A.,  122,  123,  242. 
Gibbes,  R.  W.,  139,  205. 
Gibbs,  G.,  34,  34  n. 
Gorham,  B.,  44,  44  n. 
Gouge,  W.  M.,  211,  2ii  n. 
Green,  D.,  61,  62,  96  n,  122,  124,  124  n. 
Greene,  G.,  170. 
Grundy,  F.,  105  n,  149,  157,  298,  298  n. 

HAGAN,  J.,  82,  83,  84. 
Hamilton,  A.,  Sr.,  169  n. 
Hamilton,  A.,  Jr.,  88,  88  n,  91,  244. 
Hamilton,  J.,  171,  294. 
Hammond,  C.,  225,  225  n,  305  n. 
Hanna,  R.,  149. 
Harding,  J.,  257. 


Harper,  J.,  48,  67,  67  n,  74,  no,  non,  127. 
Harrison,  W.  H.,  253,  255,  256,  272,  333, 

3Si  n. 

Harvie,  J.  B.,  288,  289. 
Hayne,  R.  Y.,  121,  121  n,  149. 
Hemphill,  J.,  86,  86  n,  87  n,  116,  117,  118, 

124. 

Hendricks,  W.,  149,  153. 
Hoffman,  G.,  61,  61  n,  62,  69  n,  87,  91. 
Hogan,  W.,  161. 
Holland,  Lord,  5. 
Hopkinson,  J.,  221,  221  n. 
Horn,  H.,  151,  156. 
Hunter,  J.,  114,  114  n,  116  n,  126. 
Huske,  J.,  253. 
Huskisson,  W.,  60,  60  n. 

INGERSOLL,  C.  J.,  171, 171  n,  174, 179, 181, 
183,  184,  185,  186,  187,  188,  188  n,  200, 
268. 

Ingham,  S.  D.,  53  n,  76  n,  77,  77  n,  78,  86, 
94,  105  n. 

JACKSON,  A.,  56  n,  62,  63,  70,  74,  77  n,  78, 
79  n,  89,  92  n,  9*3,  93  n,  94,  105  n,  107, 
108,  109,  109  n,  in,  113,  120,  121,  122, 
131,  140,  141,  142,  143,  145,  150,  152, 
153,  160  n,  172,  172  n,  175,  176,  179,  190, 
194,  199,  201,  208,  209,  211,  212,  223, 
230,  263  n,  268  n,  272,  277  n,  281,  298  n. 

Jaudon,  S.,  81,  81  n,  82,  226,  253,  311,  313, 
314,318,  324. 

Jefferson,  T.,  3  n. 

Jenifer,  D.,  338  n. 

Johnson,  R.  M.,  63,  63  n. 

KANE,  E.  K.,  153. 

Kendall,  A.,  139,  183,  205,  214,  215,  221, 

297. 

King,  A.,  151. 
King,  C.,  291. 
King,  W.  R.,  149. 
Krebs,  J.,  266,  267  n,  268  n. 

LANSING,  G.  Y.,  161. 

Lawrence,  L,  34,  34  n,  36,  153  n. 

Lawrence,  W.  B.,  123,  257. 

Leigh,  B.  W.,  283,  285,  287,  288,  289,  291, 

292. 
Lenox,  R.,  31,  31  n,  36,  72,  73,  73  n,  212, 

215. 


Index  of  Proper  Names         365 


Lent,  J.  W.,  161. 

Letcher,  R.  P.,  121,  121  n. 

Lewis,  M.,  88  n. 

Lewis,  W.  B.,  72  n,  79,  79  n,  80,  82,  83,  84, 

85,  87  n,  93,  97,  99,  103,  114,  117,  160  n, 

183- 
Livingston,  E.,  121,  121  n,  129,  150,  171, 

174,  175,  176,  177,  178,  184,  187,  190, 

191. 

Livingston,  P.  R.,  160,  160  n,  161. 
Lloyd,  J.,  38. 
Louder,  J.,  265. 
Luchhesini,  185,  185  n. 
Lynch,  J.  H.,  287. 

McDuFFiE,  G.,  44,  44  n,  46,  47,  114,  116, 
119  n,  123,  130,  141,  150,  151,  152,  153, 
154, 155, 156, 157, 158, 159, 176, 178, 188, 
188  n,  189,  197,  280. 

Mcllvaine,  J.,  49,  49  n,  56  n,  261,  261  n, 
263,  264  n,  268  n. 

McKim,  A.,  13. 

McKim,  J.,  13,  13  n,  39,  96,  265. 

McLane,  L.,  128,  129,  130,  131,  138,  139, 
140,  146,  147,  148,  149,  150,  151,  153, 
157,  160, 161,  165, 169  n,  174, 176, 183  n, 
191,  206. 

McLean,  J.,  63,  63  n,  68,  69. 

Madison,  J.,  3  n,  7,  176,  189,  207,  338. 

Mangum,  M.  N.,  139,  149,  152,  157. 

Mann,  J.  K.,  151,  156. 

Marat,  196. 

Marshall,  J.,  93,  283,  283  n,  284,  285,  286, 
287,  288,  291. 

Marshall,  Mrs.  J.,  289. 

Marshall,  T.,  285. 

Marshall,  W.,  284. 

Mason,  J.,  33,  33  n,  34,  52,  52  n,  53,  73, 

73  n,  75- 

Mercer,  C.  F.,  140,  140  n,  149,  156. 
Miller,  S.  D.,  149. 
Mitchell,  G.  E.,  149. 
Monroe,  J.,  3,  3  n,  4,  7,  7  n,  12,  13,  14,  15, 

328,  347. 

Montesquieu,  207. 
Morris,  T.,  298,  298  n. 
Muhlenberg,  H.,  338  n,  339. 

NEWKIRK,  M.,  297,  297  n. 

Newton,  T.,  149. 

Nichol,  J.,  72,  72  n,  106,  107. 


Norris,  J.,  256. 

Norvall,  J.,  120,  120  n,  121. 

OLIVER,  R.,  13  n,  206. 
Overton,  J.,  97,  98,  109,  109  n. 

PARSONS,  E.,  125,  125  n. 

Patterson,  R.,  276,  276  n,  277. 

Patterson,  S.  D.,  266. 

Peel,  Sir  R.,  60,  60  n. 

Penrose,  C.  B.,  264,  351,  351  n. 

Pickens,  F.  W.,  293,  305  n,  306  n. 

Pierson,  J.,  161. 

Pinkney,  W.,  3  n,  5,  5  n. 

Poinsett,  J.  R.,  104,  273,  273  n,  274,  276, 

281,  306  n,  316,  334,  336  n. 
Pointdexter,  G.,  149,  153,  157. 
Porter,  A.,  97,  98,  235,  235  n. 
Potter,  J.,  48,  48  n,  95. 
Priestley,  J.,  208  n. 

RANDOLPH,  J.,  208. 

Rathbone,  J.,  Jr.,  198,  198  n,  215,  282. 

Reed,  E.  C,  161. 

Reed,  W.  B.,  258,  258  n,  261. 

Ritchie,  T.,  212,  212  n. 

Ritner,  J.,  247  n,  251,  261  n. 

Rives,  W.  C.,  298,  298  n,  300,  322. 

Robespierre,  196. 

Robinson,  J.  McC.,  153. 

Root,  E.,  149. 

Rush,  R.,  55,  55  n,  56,  59,  61,  62. 

SEARS,  D.,  32,  32  n,  153  n. 

Seaton,  W.,  95,  96. 

Sergeant,  J.,  43,  43  n,  46,  78,  147  n,  154, 

154  n,  200,  222,  260,  305,  313. 
Seward,  W.  H.,  160  n. 
Shepard,  W.  B.,  149,  149  n,  156. 
Sheppard,  C.,  301. 
Shippen,  E.,  136. 
Silsbee,  N.,  92,  92  n,  135,  155. 
Smith,  D.  A.,  298. 
Smith,  J.  S.,  231. 
Smith,  R.,  6  n,  53,  53  n,  117. 
Smith,  S.,  54,  54  n,  62,  65,  87,  94,  121,  123, 

138,  143,  148,  150,  151,  152,  153,  155, 

157,  161,  177,  197. 
Smith,  S.  H.,  227,  227  n,  229. 
Smith,  W.,  283,  284,  288,  289,  291. 
Soule,  N.,  161. 


366        Index  of  Proper  Names 


Stein,  Baron  von,  186  n. 

Stevens,  T.,  247  n,  261  n,  262, 264,  301, 3 15. 

Stevenson,  A.,  151,  151  n. 

Stewart,  Commodore,  206. 

Stilwell,  S.  M.,  244,  290,  290  n. 

Swartwout,  S.,  213,  213  n,  217. 

Swift,  Dean,  63. 

TACITUS,  207. 

Talleyrand,  185. 

Tallmadge,  N.  P.,  290  n,  295  n,  298. 

Taney,  R.  B.,  139,  139  n,  183  n,  206,  216  n, 

223. 

Taylor,  G.  K.,  284. 
Tazewell,  L.  W.,  12 1,  12 1  n. 
Thomas,  F.,  297. 

Tilford,  J.,  73,  73  n,  74,  no,  135,  197. 
Toland,  H.,  84,  85,  85  n,  86,  87  n,  267. 
Tyler,  J.,  86  n,  342,  342  n,  343,  346,  349, 

35i,  351  n. 

VAN  BUREN,  M.,  63  n,  87,  89,  89  n,  101, 
101  n,  102,  102  n,  104,  104  n,  105  n,  in, 
122, 141, 141  n,  160  n,  171, 172, 173,  176, 
179,  193,  201,  202,  202  n,  208,  209,  250, 
251,  276,  276  n,  277,  277  n,  279,  281,  282, 
290,  293,  295  n,  297,  298  n,  302,  304, 
304  n,  306  n,  315,  323,  324,  334,  335,  336, 
338  n,  339. 


Van  Lier,  B.,  97,  98. 
Vaux,  J.,  97,  98. 

WALLACE,  J.  B.,  262,  263. 

Walsh,  R.,  4n,  6,  51. 

Watmough,  J.  G.,  190,  190  n,  202,  221. 

Webb,  J.  W.,  194,  194  n,  227,  243. 

Webster,  D.,  38,  41,  52,  58,  85,  145, 147  n, 
155,  158, 169, 170  n,  193, 197, 202,  203  n, 
205,  214,  216,  218,  220,  231,  231  n,  250, 
251,  251  n,  255,  280,  282,  299  n,  301, 
310  n,  323,  325,  325  n,  328,  333,  337, 
338  n,  339,  344,  345, 346, 348,  348  n,  351, 
352, 352  n. 

Wellington,  Duke  of,  60  n,  88  n,  350. 

White,  C.  P.,  30,  30  n,  42,  149,  153  n. 

White,  H.  L.,  98,  250,  255,  272,  281. 

Wilcox,  J.  V.,  287,  288. 

Wilde,  R.  H.,  150. 

Wilkins,  W.,  86,  86  n,  148,  152,  159,  183. 

Williams,  L.,  172,  172  n. 

Williamson,  B.,  147  n. 

Wirt,  W.,  3  n,  179,  179  n. 

Wolf,  G.,  175,  224  n. 

Wood,  S.  R.,  265. 

Woodbury,  L.,  73  n,  79,  139,  140,  IJO, 
183  n,  215,  274  n,  276,  312,  319,  333. 

Woodworth,  J.,  244,  244  n. 

Wright,  S.,  341. 


(Cbc 

CAMBRIDGE  .  MASSACHUSETTS 
U.S.A. 


*TVTT~ 

.  «-  r^  °*     "~  ••  ' 


B 


LOAN  OEPT 


FEB_01J990 

MAT^TZOOZ" 

(p2?o2Ali)2?6!£j82         uoi^ss^/gjy 


U.C.  BERKELEY  LIBRARIES 


CDDS57Qtbl 


436390 


& 


UNIVERSITY  OF  CALIFORNIA  LIBRARY 


V 


' 


•>!•*  .     -V 


k.p? 

V.      •_.    .  _l. 


